Trinidad and Tobago’s TSTT amendments effective on March 15

Chicago, March 15 – Telecommunications Services of Trinidad and Tobago, Ltd. (TSTT) followed up on its consent solicitation which has already wrapped but had an effective time which was expected within three weeks of its last March 2 announcement.

The effective time for the amendments to its $300 million 8 7/8% senior secured notes due 2028 (Cusips: 87929TAA9, P90301AA3) and its TT$680 million 8.3% senior secured notes due 2029 was 8 a.m. ET on March 15, according to a press release.

Promptly after this time, consenting noteholders were to receive their consent payments of $5 per $1,000 note and TT$5 per TT$1,000 note.

As a recap, the company proposed adding a new permitted debt basket in the “limitation on debt” covenant to allow the issuer to incur up to an additional $100 million of debt to fund costs and expenses related to corporate restructuring measures, including severance payments and other related expenses.

TSTT also wanted to increase the “general basket” for permitted debt to the greater of $30 million and 4% of consolidated total assets. Previously, this was defined as the greater of $15 million and 2% of consolidated total assets.

The third proposed amendment changes the definition of “refinancing debt” to permit refinancing in accordance with the conditions in the indenture of the additional debt permitted to be incurred under the above proposed amendment for an additional $100 million of debt.

TSTT is a provider of communications services in Trinidad and Tobago.

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