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Trinidad Petroleum announces $603 million term loan borrowing
Chicago, July – In connection with the settlement of its exchange offer, Trinidad Petroleum Holdings Ltd. announced that it has borrowed $603 million under its term loan facility, the company said in a press release.
The loan consists of a $388 million tranche maturing in three years and a $250 million tranche maturing in seven years.
Proceeds from the term loan will be used to repay the remaining 2019 notes, repay a shareholder loan and pay fees and expenses associated with the recent exchange offers, the consent solicitations and entering into the term loan facility.
The company borrowed under the term loan on July 1, the exchange offer settlement date for its 9¾% notes due 2026.
The integrated national oil and gas company in Trinidad and Tobago was established as part of the reorganization of Petrotrin.
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