Trinidad & Tobago: According to chairman Wilfred Espinet, director Nigel Edwards and new chief executive Jose Luis Seijo, Trinidad Cement Ltd (TCL) has repaid all of its previous lenders.

"TCL has been able to secure the funds to repay those lenders from short term loans in the amount of US$245m, together with cash from its recent Rights Issue and cash generated from operations," said Espinet. The company has also secured a nine-month loan facility from Citibank and Credit Suisse at an initial rate of libor plus 6.25% (a current effective interest rate of 6.53%), subject to a quarterly increase of 1% if it is still in issue.
In the coming weeks, TCL, Credit Suisse and Citibank intend to approach local and international markets to secure longer-term financing that will bring TCL to the final stage of the reorganisation of the capital structure. Some of the expected immediate benefits from the refinancing are a debt reduction from prepayment of previous lenders of US$31m, a reduction in financing costs in the form of quarterly interest savings of up to US$1.7m and a stronger balance sheet.

Jose Luis Seijo was named as TCL's new chief executive officer effective from 4 May 2015. Previously, Seijo has worked with Mexico's Cemex. Seijo's focus will be on value creation for the company and its stakeholders. "The TCL Group has huge potential. My immediate job is to tap into all our resources-essentially to mobilise the skills of our workforce against a backdrop of improved operational efficiencies and prudent investments to ensure a sustainable future," said Seijo. Former CEO Rollin Bertrand was dismissed by the TCL board in September 2014.