Trinidad Cement Limited (TCL) has announced that it has completed the re-profiling of the majority of the Company`s outstanding debt. The re-profiling plan extends the maturities of approximately TT$1.95 billion in secured and unsecured obligations with more than 30 regional and international financial institutions and bondholders, providing for a quarterly amortisation schedule starting March 30, 2013, with a final maturity of December 30, 2018. Final documentation has been signed and all conditions precedent have been satisfied in full. Key components of the re-profiling plan include: A revised maturity schedule running through December 30, 2018; a covenant package, including revised financial covenants and a mandatory cash sweep repayment mechanism; a security package comprised of selected additional security over the stock and assets in certain subsidiaries, provided to current unsecured as well as current secured creditors; the company intends to meet the amortisation requirements prior to final maturity using funds from a variety of sources, including free cash flow from operations and net cash proceeds from strategic initiatives, as well as capital market transactions.
