Cement News tagged under: Trinidad Cement Company

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Caribbean Cement Co to refinance operating lease

14 July 2017, Published under Cement News

Caribbean Cement Co plans to refinance the operating lease for its Rockfort plant in Kingston, the Jamaica Gleaner reports. The company is to set up a dedicated advisory board to address its operating lease, payable to immediate parent company Trinidad Cement Ltd. "The structure of the lease is not the most efficient and might have made sense five years ago when Caribbean Cement had no possibility to finance its assets," said Caribbean Cement General Manager, Peter Donkersloot Ponce, at...

Caribbean: TCL make takeover bid for Readymix (West Indies) Ltd

31 March 2017, Published under Cement News

Trinidad Cement Ltd (TCL), recently acquired by Mexican cement giant Cemex via its subsidiary Sierra Trading, has announced an all-cash takeover bid for Readymix (West Indies) Ltd. According to the offer circular sent to shareholders, TCL will pay TTD11 or US$1.62/share to acquire the outstanding shares that it does not already hold in Readymix. TCL currently owns 71.1 per cent of Readymix’s issued share capital or 8,531,977 shares of the company. The remaining 28.9 per cent of shares are ...

Trinidad Cement forecasts a competitive 2017

07 March 2017, Published under Cement News

Trinidad Cement Ltd (TCL) has forecast construction activity to remain sluggish during the coming year, particularly in Trinidad and Tobago and Barbados, in the face of "increasingly aggressive competition in the region". In its audited financial report for the 12 months ending December 2016, TCL, which is the subject of a takeover by the Mexican-based cement giant Cemex, said it will continue to focus on three key elements to reinforce the position of the company, including seeking out an...

Trinidad Cement upgraded by ratings agencies

03 February 2017, Published under Cement News

Ratings agencies Fitch and Standard and Poor’s have upgraded their evaluations of the credit-worthiness of Trinidad Cement Ltd (TCL), the Trinidad Express reports. Fitch moved its rating up two places, from B- to B+, while Standard and Poor’s moved the company to B grade. Fitch explained that Cemex’s decision to increase its stake in the firm to 67 per cent would have a positive impact on TCL, expanding the options available to it in both marketing and finance. Over the past five ye...

Cemex's subsidiary announces successful takeover bid for TCL

25 January 2017, Published under Cement News

Cemex SAB de CV has announced that its indirect subsidiary, Sierra Trading (Sierra), having received the Foreign Investment License from the Trinidad and Tobago Ministry of Finance, disclosed that all terms and conditions of the offer made, to acquire up to 132,616,942 ordinary shares for TT$5.07 (US$0.76) in cash per share in Trinidad Cement Ltd have been complied with. "We are satisfied with and grateful for the trust placed in us by TCL stockholders,” said Fernando A Gonzalez, CEO of C...

Cemex targets TCL acquisition

09 December 2016, Published under Cement News

This week Cemex launched a bid to acquire Trinidad Cement Co Ltd (TCL) via its subsidiary Sierra Trading, which would consolidate the strength of Cemex in the region, while providing investment for the Caribbean cement sector. The interest in TCL by Cemex is long held and the Mexican multinational already has 39.5 per cent of the shareholding in TCL group via Sierra Trading. Cemex now aims to acquire up to 132,616.942 ordinary shares in TCL for TTD4.50 per share, which if successful, tog...

Changes to Arawak Cement Co's executive board, Barbados

11 January 2016, Published under Cement News

Rupert Greene has resigned from his position as general manager of Arawak Cement Co Ltd (ACCL), effective 31 December 2015. ACCL, a wholly-owned subsidiary of the Trinidad Cement Ltd (TCL), is the only cement producer on Barbados with a 0.36Mta capacity at Checker Hall, St Lucy. Manuel Toro has been assigned to assume the position of general manager of ACCL, as of 1 January 2016. Mr Greene will continue with the TCL Group as a consultant for the following six-month period.

S&P upgrades TCL, removes from CreditWatch

20 August 2015, Published under Cement News

Standard & Poor's (S&P) Ratings Services raised its corporate credit rating on Trinidad Cement Ltd Group (TCL) to 'B-' from 'CCC', and removed it from CreditWatch with positive implications. The outlook is stable. At the same time, it has assigned its 'B-' issue-level rating to the company's US$200m senior secured term loan.   The rating action reflects TCL's successful debt refinancing, which took place on 6 August 2015, S&P said in a statement. The refinancing improves the company's debt ...

Trinidad Cement secures US$240m bridging facility

27 July 2015, Published under Cement News

Trinidad 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 results

22 July 2015, Published under Cement News

Having 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...