Trinidad Petroleum Secures US$850Mn Deal

• Trinidad Petroleum Holdings Ltd (TPHL), the parent company of Heritage Petroleum and successor of oil company Petrotrin, has secured US$850Mn to cover the first of its $2Bn bonds. The first-a US$850Mn bond-becomes due in August.
• TPHL chairman Wilfred Espinet told the Sunday Express yesterday: 'The board is extremely pleased with the performance of the operations of the new entities that have been created to own and operate the State's oil industry.’
• 'The financing now accessible will remove the uncertainty associated with the bonds maturing in August 2019 and give us the chance to focus on maximizing value.' On Friday, TPHL announced it had received loan commitments of up to US$720Mn from a syndicate of financial institutions led by Credit Suisse AG, Cayman Islands branch, as global co-ordinator.
• The loans are guaranteed by TPHL's three companies-Guaracara Refining Company Ltd, Heritage Petroleum Company Ltd, and Paria Fuel Trading Company Ltd.

(Source: Trinidad Express Newspaper)