Caribbean Cement's parent, Trinidad Cement Limited (TCL) is reporting that it has repaid all its lenders. Payment was reportedly completed last Thursday.
The company earlier this year agreed to a set of restructuring terms with lenders. A statement from TCL says the preconditions have been achieved, allowing it to restructure loans with its 59 lenders on March 30.
The company was allowed until May 14 to prepay debts totaling US$292 million in order to fully benefit from the prepayment discounts to lenders.
TCL secured the money to repay lenders from US$245 million in short term loans, along with cash from its recent Rights Issue and funds generated from operations.
comments powered by Disqus
All feeds
