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Published on 2/28/2022 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

Trinidad and Tobago’s TSTT further extends consent bid deadline

By Marisa Wong

Los Angeles, Feb. 28 – Telecommunications Services of Trinidad and Tobago, Ltd. (TSTT) announced a second extension of its consent solicitation launched on Feb. 2.

The expiration time is now noon ET on March 1, extended from 5 p.m. ET on Feb. 25, according to a Friday press release. The original deadline was 5 p.m. ET on Feb. 23.

As previously announced, TSTT is seeking consents for its $300 million 8 7/8% senior secured notes due 2028 (Cusips: 87929TAA9, P90301AA3) and its TT$680 million 8.3% senior secured notes due 2029. The full amounts of both notes are outstanding.

The company is proposing to add a new permitted debt basket in the “limitation on debt” covenant to allow the issuer to incur up to an additional $100 million of debt to fund costs and expenses related to corporate restructuring measures, including severance payments and other related expenses.

TSTT would also like to increase the “general basket” for permitted debt to the greater of $30 million and 4% of consolidated total assets. Previously this was defined as the greater of $15 million and 2% of consolidated total assets.

The third proposed amendment would change the definition of “refinancing debt” to permit refinancing in accordance with the conditions in the indenture of the additional debt permitted to be incurred under the above proposed amendment for an additional $100 million of debt.

TSTT plans to issue new local currency notes be added on to the existing issue of the 2029 notes, as previously noted.

Noteholders representing a majority in aggregate U.S. dollar equivalent of the outstanding principal amount of the existing notes must consent for the amendments to be approved.

On Friday the company said holders representing in excess of a majority in aggregate U.S. dollar equivalent of the outstanding notes have already submitted consents to the proposed amendments. Accordingly, the company expects that the proposed amendments will become effective.

Consenting noteholders will receive a consent payment of $3.75 per $1,000 note or TT$3.75 per TT$1,000 note. The consent fee will only be paid if the company receives the necessary consents and if the proposed amendments become effective.

The record date is 5 p.m. ET on Feb. 1.

Consents may be revoked at any time before the expiration time.

The effective time is expected to occur about three weeks after the expiration time.

Oppenheimer & Co. Inc. (212 667-7424) and Republic Bank Ltd. (868 625-3617, Ext. 63245) are the solicitation agents. Republic Bank is only working on the consent solicitation outside of the United States for the Trinidad and Tobago dollar notes.

The information and tabulation agent is D.F. King & Co., Inc. (212 269-5550, 800 290-6426, tstt@dfking.com).

TSTT is a provider of communications services in Trinidad and Tobago.


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