June 20, 2019 - 8:14 AM EDT
Print Email Article Font Down Font Up
TPHL Announces Extension of Expiration Date

PORT OF SPAIN, Trinidad and Tobago, June 20, 2019 /PRNewswire/ -- Trinidad Petroleum Holdings Limited ("TPHL") today announced that the expiration date has been extended until 5:00 p.m., New York City time, on June 21, 2019, unless extended or earlier terminated (such time and date with respect to the Exchange Offers, as the same may be extended, the "Extended Expiration Date"), with respect to its previously announced offers to exchange any and all of its outstanding notes, originally issued by Petroleum Company of Trinidad and Tobago Limited ("Petrotrin"), for newly issued debt securities of TPHL (the "Exchange Offers"), upon the terms and subject to the conditions described in the Offering Memorandum, dated April 15, 2019 (as may be amended or supplemented from time to time, the "Offering Memorandum"), and the related letter of transmittal (as may be amended or supplemented from time to time, the "Letter of Transmittal"), and to its solicitation of consents to certain proposed amendments to the existing indentures (the "Consent Solicitations").  All other terms and conditions of the Exchange Offers remain the same.

As of 5:00 p.m., New York City time, on June 19, 2019, TPHL had received the valid tender, without subsequent withdrawal, of approximately U.S.$528.1 million aggregate principal amount of Existing Notes in the Exchange Offers.  The breakdown of the principal amount of validly tendered 2019 Notes and 2022 Notes is as set forth in the table below. 

Title of Existing Notes

CUSIP/ISIN

Principal Outstanding Amount

Principal Amount Tendered

 

Percentage

2019 Notes

71657Y AD4 (144A);

P78954 AC1 (Regulation S)/

US71657AD40 (144A);

USP78954AC19 (Regulation S)

U.S.$850,000,000

U.S.$415,655,000

48.90%






2022 Notes

71657Y AA0 (144A);

P78954 AB3 (Regulation S T&T);
P78954 AA5 (Regulation S non-T&T)/
US71657YAA01 (144A);
USP78954AB36 (Regulation S T&T);
USP78954 AA52 (Regulation S non-T&T)

U.S.$187,500,000(1)

    U.S.$112,476,000(1)

59.99%



(1)

The originally issued principal amount of the 2022 Notes was U.S.$750,000,000.  At launch of the Exchange Offers, the 2022 Notes had been paid down to U.S.$218,750,000, which is approximately 29.167% of the originally issued principal amount.  Subsequently, an amortization payment of U.S.$31,250,000 was made on May 8, 2019, bringing the outstanding principal amount down to U.S.$187,500,000, which is approximately 25.000% of the originally issued principal amount.

Because the principal amount of New Notes to be issued will exceed U.S.$500 million, Holders of Existing Notes who tendered their notes on or after June 5, 2019 will not have the right to withdraw from the Exchange Offers pursuant to the press release dated June 5, 2019, announcing new terms to the Exchange Offers.  Holders of Existing Notes who tendered prior to June 5, 2019 will also not have withdrawal rights.

General

The issuance of the New Notes will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), the Securities Act Chapter 83:02 of the laws of Trinidad and Tobago (the "Trinidad Securities Act") or any state securities laws. The New Notes are being offered and issued only (1) in the United States to holders of Existing Notes that are (a) "Accredited Investors" as defined in Rule 501 under Regulation D or (b) "qualified institutional buyers" as defined in Rule 144A under the Securities Act and (2) outside the United States to holders of Existing Notes that are not U.S. persons in reliance upon Regulation S under the Securities Act (each, an "Eligible Holder" and together, the "Eligible Holders") . Accordingly, the New Notes will be subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under the Securities Act, the Trinidad Securities Act and other applicable securities laws, pursuant to registration or exemption therefrom.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.  The offering documents will be distributed only to holders of Existing Notes that complete and return a letter of eligibility confirming that they are "Eligible Holders" for the purposes of the Exchange Offers.  The website to complete the Eligibility Form is www.dfking.com/ttph. D.F. King & Co., Inc. is acting as the Information Agent and the Exchange Agent for the Exchange Offers. Requests for the offering documents from "Eligible Holders" may be directed to D.F. King & Co., Inc. at (212) 269-5550 (for brokers and banks), (800) 581-3783 (for all others) or email [email protected].

Neither TPHL, its board nor any other person makes any recommendation as to whether the holders of the Existing Notes should exchange their notes, and no one has been authorized to make such a recommendation. Holders of the Existing Notes must make their own decisions as to whether to exchange their notes, and if they decide to do so, the principal amount of the notes to exchange.

About Trinidad Petroleum Holdings Limited

TPHL is an integrated national oil and gas company in Trinidad and Tobago, established as part of the reorganization of Petroleum Company of Trinidad and Tobago Limited ("Petrotrin").  Petrotrin was historically a major producer and supplier of oil and petroleum products in the Caribbean.  In December 2018, Petrotrin underwent a reorganization that resulted in a new corporate structure and a substantially different business.  The functional restructuring gave rise to the formation of TPHL, a more streamlined and profitable entity.  For more information about TPHL, visit http://trinidadpetroleum.co.tt/.

Forward-Looking Statements

This release includes certain forward-looking statements and projections of TPHL. We have made every reasonable effort to ensure that the information and assumptions on which these statements and projections are based are current, reasonable, and complete. However, a variety of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed, including, without limitation, our future overall business development and economic performance, including our financing plans, business strategy, competitive position and the effects of competition; changes in the price of crude oil, natural gas and refined products, including the effects of hostilities or further acts of international terrorism on the price and demand for crude oil and natural gas; the global economic climate, including sustained weakness in general global economic conditions and financial markets; cyclical and seasonal fluctuations in our results of operations; uncertainties relating to our drilling projects, including technological limitations, geographical risks and control over non-operated assets; our future earnings, cash flow and liquidity; the success of our joint venture partners in increasing oil and gas production; operational or other system difficulties experiences by our third-party service providers; the effects of technological or other changes on the demand for our products; projections about our reserves and reserves replacements; ability to effectively upgrade our facilities in line with market demand and preferences; the effects of employee strikes and other formal or informal labor-related disruptions; changes in interest rates and foreign currency inflation, including the devaluation of the T.T.$ against the U.S.$ and local inflation; enactment of more stringent environmental regulations (both in Trinidad and Tobago and elsewhere); operational and personnel changes resulting from a change in control of the Government of Trinidad and Tobago; changes in safety regulations; changes in quality regulations; changes in taxes, duties, and royalties; and other factors beyond TPHL's control. While the company makes these statements and projections in good faith, neither the company nor its management can guarantee that anticipated future results will be achieved. TPHL assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by TPHL, whether as a result of new information, future events, or otherwise.

Cision View original content:http://www.prnewswire.com/news-releases/tphl-announces-extension-of-expiration-date-300872017.html

SOURCE Trinidad Petroleum Holdings Limited


Source: PR Newswire (June 20, 2019 - 8:14 AM EDT)

News by QuoteMedia
www.quotemedia.com

Legal Notice