Heritage Petroleum Secures Nearly US$1 Billion In Loans

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Heritage Petroleum Secures Nearly US$1 Billion In Loans

Trinidad Heritage Petroleum Company Limited has been able to close a US$500 million senior secured bond transaction and US$475 million term loan.

The Senate was informed by the Minister of Trade and Industry, Paula Gopee Scoon,  on behalf of the Minister of Energy and Energy Industries, that the loans will allow the company to refinance TPHL’s remaining debt that was inherited from Petrotrin.

TPHL approached the international financial market in May 2022.

The refinancing also resulted in a two notch upgrade of the TPHL group by Standards and Poor’s Global ratings from B plus to BB.

Minister Gopee Scoon said the company was also able to secure in the round of refinance lower cost and longer term debt maturity arrangements.

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