Republic of Trinidad & Tobago Announces Expiration and Results of Offer to Purchase 4.375% Notes due 2024

PORT OF SPAIN, Trinidad and Tobago , Sept. 13, 2023 /PRNewswire/ -- The Republic of Trinidad and Tobago (the "Republic") (LuxSE: TT) today announced that the previously announced cash tender offer (the "Offer") for any and all of its 4.375% notes due 2024 (the "Old Notes") expired at 5:00 p.m. New York City time, on September 12, 2023 (the "Expiration Date"). According to information provided by Global Bondholder Services Corporation, the Depositary and Information Agent for the Offer, $227,782,000 aggregate principal amount of the Notes, or 41.41% of the aggregate principal amount outstanding, were validly tendered at or prior to the expiration of the Offer and not validly withdrawn. The Offer was made pursuant to the Offer to Purchase (the "Offer Document"). The obligation of the Republic to accept the Old Notes tendered and to pay the consideration for the Old Notes is subject to satisfaction or waiver of certain conditions, which have been satisfied. On September 14, 2023, which is the expected settlement date (the "Settlement Date") for the Offer, the Republic expects to pay for all Old Notes that have been validly tendered and not validly withdrawn.

Holders of Old Notes accepted for purchase pursuant to the Offer will receive the previously announced total consideration of $996.50 for each $1,000 principal amount of the Old Notes plus accrued and unpaid interest on Old Notes purchased up to, but not including, the Settlement Date.

The Republic has retained J.P. Morgan Securities LLC and Scotia Capital (USA) Inc. to act as Dealer Managers. Lazard has been retained as financial adviser. Global Bondholder Services Corporation has been retained to serve as both the depositary and the information agent (the "U.S. Tender Agent and Information Agent") for the Offer. For additional information regarding the terms of the Offer, please contact: J.P. Morgan Securities LLC at (866) 846-2874 (toll free) or (212) 834-7279 (collect) and Scotia Capital (USA) Inc. at 1-833-498-1660 (toll free) or [email protected] (email). Requests for copies of the Offer Document and other related materials should be directed to Global Bondholder Services Corporation at [email protected] (email), 1-855-654-2014 (U.S. Toll Free), 1-212-430-3774 (Banks and Brokers).

This press release is for informational purposes only and is not an offer to purchase or a solicitation of an offer to sell with respect to any Old Notes nor is this announcement an offer to sell or a solicitation of an offer to purchase new debt securities. The Offer was made solely pursuant to the Offer Documents, which set forth the complete terms and conditions of the Offer. The Offer is not being made to, nor will the Republic accept tenders of Old Notes from, holders in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.

About The Republic

The Republic is an economic leader within the Caribbean and a developing force in the regional and global energy industry. The Republic continues to benefit from its commitment to free trade, a dynamic workforce, a stable exchange rate, and its natural resources. All of these factors have contributed to a growing economy with prospects for foreign investment.

Trinidad and Tobago became a Republic on August 1, 1976. The Republic is a stable democracy that has maintained uninterrupted, democratically elected governments since then. Trinidad and Tobago is a high income country with one of the highest GDP per capita in Latin America and the Caribbean.

Forward-Looking Statements

This announcement contains forward-looking statements. Forward-looking statements are information of a non-historical nature or which relate to future events and are subject to risks and uncertainties. No assurance can be given that the transactions described herein will be consummated or as to the ultimate terms of any such transactions. The Republic undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason.

Press contact:

Mrs. Suzette Taylor Lee Chee
Permanent Secretary, Ministry of Finance
[email protected] 

SOURCE The Republic of Trinidad and Tobago