Trinidad Petroleum Holdings (TPHL) has received loan commitments of up to $720 million in term loans from a syndicate of banks led by Credit Suisse, Cayman Islands Branch as global coordinator.
The term loan facility expects to be a single syndicated amortizing term facility, which may have multiple tranches, maturing as early as three years following the funding date. The commitments are conditioned on the negotiation and execution of the definitive documentation for the term loan facility and the satisfaction of certain conditions precedent under the term loan facility.
TPHL intends to use the net proceeds from borrowings under the term loan together with funds from operations to repay, at maturity, any 2019 Notes that remain outstanding after its previously announced offers to exchange any and all of its outstanding notes for newly issued debt securities, including the payment of any principal, premiums, accrued interest, additional amounts, if any, and costs and expenses incurred in connection therewith. The first interest payment date of the new notes (will be September 15, 2019.
TPHL has received the valid tender, without subsequent withdrawal, of more than$130 million aggregate principal amount of 2019 Notes in the exchange offers.
