TPHL Announces Extension of Expiration Date

Jun 19, 2019

Trinidad Petroleum Holdings Limited ("TPHL") announced that the expiration date has been extended until 5:00 p.m., New York City time, on June 21, 2019, unless extended or earlier terminated (such time and date with respect to the Exchange Offers, as the same may be extended, the "Extended Expiration Date"), with respect to its previously announced offers to exchange any and all of its outstanding notes, originally issued by Petroleum Company of Trinidad and Tobago Limited ("Petrotrin"), for newly issued debt securities of TPHL (the "Exchange Offers"), upon the terms and subject to the conditions described in the Offering Memorandum, dated April 15, 2019 (as may be amended or supplemented from time to time, the "Offering Memorandum"), and the related letter of transmittal (as may be amended or supplemented from time to time, the "Letter of Transmittal"), and to its solicitation of consents to certain proposed amendments to the existing indentures (the "Consent Solicitations"). All other terms and conditions of the Exchange Offers remain the same.

As of 5:00 p.m., New York City time, on June 19, 2019, TPHL had received the valid tender, without subsequent withdrawal, of approximately US $528.1 million aggregate principal amount of Existing Notes in the Exchange Offers. The breakdown of the principal amount of validly tendered 2019 Notes and 2022 Notes is as set forth in the table below.

Title of Existing Notes	CUSIP/ISIN	Principal Outstanding Amount	Principal Amount Tendered	Percentage
2019 Notes	71657Y AD4 (144A); P78954 AC1; US71657AD40 (144A); USP78954AC19	US $850,000,000	US $415,655,00	48.90%
2022 Notes	71657Y AA0 (144A); P78954 AB3; P78954 AA5; US71657YAA01 (144A); USP78954AB36; USP78954 AA52	US $187,500,00 (1)	US $112,476,000 (1)	59.99%
(1) The originally issued principal amount of the 2022 Notes was US $750,000,000. At launch of the Exchange Offers, the 2022 Notes had been paid down to US $218,750,000, which is approximately 29.167% of the originally issued principal amount. Subsequently, an amortization payment of US $31,250,000 was made on May 8, 2019, bringing the outstanding principal amount down to US $187,500,000, which is approximately 25.000% of the originally issued principal amount

Because the principal amount of New Notes to be issued will exceed US $500 million, Holders of Existing Notes who tendered their notes on or after June 5, 2019 will not have the right to withdraw from the Exchange Offers pursuant to the press release dated June 5, 2019, announcing new terms to the Exchange Offers. Holders of Existing Notes who tendered prior to June 5, 2019 will also not have withdrawal rights.

Source:
PRNewswire
Wednesday 19th June, 2019

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TPHL Announces Extension of Expiration Date