TSTT seeks relief from financial pressures

Telecommunications Services of Trinidad and Tobago Ltd (TSTT) is seeking to raise up to $1.156 billion from local investors as part of a US$500 million ($3.4 billion) bond offering to refinance existing debt and ease financial pressures.

The proposed ten-year bonds are intended to extend the State-controlled telecommunications company’s repayment schedule and reduce the risk of “short-term liquidity pressures”, according to S&P Global Ratings, which has assigned the proposed notes a “BB-” rating.

“The notes will be issued under two currency tranches (a mix of US dollar and TTD upon market appetite and execution considerations) with a ten-year soft bullet structure with semi-annual equal amortisations in the last three years of the tenor,” S&P stated.