Cement News tagged under: Trinidad Cement Company
Trinidad Cement secures US$240m bridging facility27 July 2015, Published under Cement NewsTrinidad Cement (TCL) has signed a US$240m bridging facility made up of two parts, according to Trade Finance. TCL said the loans are required to repay existing debts. The cement manufacturer sealed the loans last month with short tenures. Citi is the main underwriter and Credit Suisse is also participating. One loan is for US$20m with a six-month term, while the other is for US$220m with a nine month tenure. |
TCL reports second-quarter results22 July 2015, Published under Cement NewsHaving successfully refinance its restructured debt, Trinidad Cement Ltd has been able to take advantage of the maximum discount that was negotiated with creditors in May 2015. Net of fees incurred for the new financing, the company was able to benefit from prepayment discounts of TTD194.2m, all of which has been reflected in its second quarter 2015 results released yesterday. The restructured debt agreement that was concluded in 1Q was refinanced in May 2015 using proceeds from a Bridge L... |
Fitch upgrades TCL's IDRs to 'B-'; Outlook Stable01 July 2015, Published under Cement NewsFitch Ratings has upgraded the Foreign and Local currency Issuer Default Ratings (IDRs) of Trinidad Cement Ltd (TCL) to 'B-' from 'D' and assigned an expected rating to the company's proposed senior secured term loan of 'B-(EXP)/RR4'. The rating Outlook is Stable The upgrade reflects the restructuring steps TCL has taken under the increased ownership, support and strategic guidance from Cemex (Cemex; 'B+'/Stable Outlook) following the default on its bank loans in September 2014. Fitch exp... |
TCL Group plans delisting24 June 2015, Published under Cement NewsIn the midst of a major debt restructuring exercise, Trinidad Cement Ltd (TCL) has announced that it could delist from the Barbados Stock Exchange (BSE), the Eastern Caribbean Securities Exchange (ECSE) and the Guyana Association of Securities Companies and Intermediaries Inc (GASCI) following its annual shareholders meeting next month. In a notice last week, the Caribbean-based company said that a continued listing on the three regional stock exchanges was “not economically feasible”. ... |
Arawak Cement’s future hangs in the balance08 June 2015, Published under Cement NewsSome 200 employees of Arawak Cement plant await the decision of a high-level team from parent company Trinidad Cement Limited (TCL) on the future of the cement plant on based in St Lucy in Barbados. TCL chairman, Wilfred Espinet, confirmed that after the parent company’s shareholders’ annual general meeting in July, the board of directors and TCL management will focus on Arawak. Espinet explained that after successful negotiations with creditors, the company was able to pay off its debts w... |
TCL poised for new loan syndication28 May 2015, Published under Cement NewsTrinidad Cement Limited (TCL) is set to launch a US$245m five-year term loan as it seeks to turn a new leaf following the completion of a debt restructuring earlier this year, Reuters reports. Bank meetings in New York today will kick off a syndication being led by Credit Suisse and Citigroup, whose bridge loan to the company is expected to be taken out with this transaction. After failing to bring a debut international bond to market last year, TCL was forced in October to miss a debt pay... |
TCL restructures debt, names new CEO18 May 2015, Published under Cement NewsTrinidad Cement Ltd (TCL) has repaid all its previous lenders, company chairman, Wilfred Espinet, announced alongside Nigel Edwards and new chief executive, Jose Luis Seijo. Espinet said shareholders were updated at a February meeting on some of the board's plans to reorganise the capital structure of TCL and were, at that time, advised that the board had agreed to a set of restructuring terms with lenders, with two significant preconditions-the removal of the 20 per cent restriction ... |
New Caribbean Cement GM appointed27 April 2015, Published under Cement NewsCemex executive Alejandro Vares has been appointed general manager of Caribbean Cement Company Ltd (CCCL), replacing incumbent head Anthony Haynes, effective 4 May 2015. Vares will leave his position as Interim Country Manager of Cemex Costa Rica to join the Rockfort, Kingston-based cement producer, Caribbean Cement said in a press release. The appointment was approved by the Board of Directors on Thursday. Haynes will serve until the end of April, then transition to a new position ... |
TCL reports full-year loss25 February 2015, Published under Cement NewsTrinidad Cement Ltd recorded a loss of TTD211m for last year, as the company wrote down the value of its investment in Arawak Cement Company (Barbados) by TTD153m and in deferred tax assets by TTD86m. TCL chairman Wilfred Espinet said if the one-time impairment expenses were excluded from the results, the profit after tax figure would have amounted to TTD88m, which would have been 166 per cent higher YoY on a like-by-like basis. Revenues rose by nine per cent YoY driven by growth in it... |
TCL downgraded by Fitch Ratings09 October 2014, Published under Cement NewsTrinidad Cement Ltd (TCL) has been downgraded by Fitch Ratings, just days after Standard & Poor’s (S&P) also lowered its corporate credit rating on the Caribbean-based producer. Fitch’s primary analyst Phillip Wrenn said in a statement that cement company’s foreign and local currency issuer default ratings (IDRs) had dropped to ‘D’ from ‘B-’. “This downgrade to ‘D’ follows the announcement by TCL’s Board of Directors on 29 September 2014 of a ‘standstill’ on all payments due under exis... |