Imbert congratulates Trinidad Petroleum

FINANCE Minister Colm Imbert yesterday congratulated Trinidad Petroleum Holdings Ltd (TPHL) for securing conditional commitments to refinance Petrotrin’s US$850 million bond issue. In a tweet, Imbert said the repayment of the bond issue is due in August. “This Petrotrin debt was not guaranteed by the Government.” Imbert also said the refinancing “is also not guaranteed by Government.”

In a release on May 31, TPHL said it will receive up to US$720 million in term loans from a syndicate of banks led by Credit Suisse AG, Cayman Islands branch as global coordinator. At a news conference in April, Imbert said,”“By all accounts (the refinancing) is going quite smoothly we will know in the next week or so how successful the bankers are, led by Credit Suisse, but I have no reason to feel they won’t resolve this.”