|
Petrotrin
recently secured US$850 million financing from the international capital
market. Petrotrin intends to use the net proceeds of this offering to
complete the Gasoline Optimisation Programme and to construct the Ultra
Low Sulfur Diesel plant at Pointe-a-Pierre.
The
successful completion of these vital projects will enable the Company to
bring cleaner and more environmentally friendly gasoline and diesel to
the regional and international markets.
This
financing constitutes a US$850 million bond which will mature on August
14, 2019. Interest will accrue from August 14, 2009 and will be payable
on February 14 and August 14 of each year commencing February 2010.
In issuing
the bond, Credit Suisse Securities (USA) LLC and JP Morgan Securities
Inc acted as Petrotrin’s Joint Book-Running Managers, while Citigroup
Global Markets Inc and Citibank Trinidad and Tobago Limited were the
financial advisors.
A ceremony
commemorating the bond issue was held at Chaud Restaurant, Port of
Spain, on September 17, 2009. This event was attended by several
Government Ministers, permanent secretaries in the Ministries of Finance
and Energy representatives of the Citibank Group and the business
community.
Petrotrin’s President Kenneth Allum told the distinguished gathering: “I
have been advised that this financing is the largest investment grade
bond deal ever issues in the Caribbean. My Finance people have also
assured me that the coupon and yield rates that we obtained were most
competitive in the market.
“The
successful completion of these vital projects will enable the Company to
bring cleaner and more environmentally friendly gasoline and diesel to
the regional and international markets. This will impact positively on
our profitability and viability well into the future. It will also
enable us to honour all our contractual commitments.” |
