Trinidad Cement Limited announces debt restructuring

TCL Group

Trinidad Cement Limited has advised that an agreement has now been reached with the Steering Committee on the terms and conditions of the debt re-profiling, subject to final approval by the lenders’ Credit Committees and by TCL’s bondholders. All of the Group’s short and long term debt, with the exception of those of Readymix (West Indies) Limited and TCL Packaging Limited, will effectively be converted into an 8 year facility with quarterly payments of principal recommencing from March 2013, resulting in a principal bullet payment of 46% due in 2018.

Interest payments would recommence in December 2012 and interest rates will be incremented by 200 basis points effective January 14, 2011, with interest increase penalties from 2016 if certain performance metrics are not met.