Trinidad Petroleum Holdings Limited Finalizes $900 Million Exchange Offer
New York –Trinidad Petroleum Holdings Limited (TPHL), an integrated national oil and gas company owned by the Government of Trinidad and Tobago, has successfully completed its refinancing of more than $900 million of notes originally issued by Petrotrin together with a dual-tranche loan facility. Petrotrin underwent a significant reorganization in December 2018 that resulted in a new corporate structure and gave rise to the formation of TPHL, a more streamlined and profitable entity.
TPHL refinanced more than $900 million of notes originally issued by Petrotrin.
TPHL refinanced existing notes through an exchange offer for approximately $570 million of new Senior Secured Notes due 2026 and a $603 million, dual-tranche term loan facility.
The transactions, in which Paul Hastings advised TPHL, closed on June 28, 2019. The Paul Hastings team was led by
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