Michael Gerrard
BroadSpan Capital
Trinidad Petroleum
Deal Type
Debt restructuring
Sector
Industrials
Completion Date
2nd June 2019
Deal Value
$570.3m
Company Background
Trinidad Petroleum (“or Company”) operates in the exploration, production and development of petroleum products in Trinidad and Tobago. The Company also involved in terminal ling, fuel trading, product supply, and logistics operations.
Deal Summary
BroadSpan served as exclusive financial advisor to the Creditors Committee of Trinidad Petroleum (“Committee”) in a restructuring process of the Company’s bonds.
In April 2019, Trinidad Petroleum announced a Consent Solicitation Statement seeking the consent of holders to provide relief against imminent bond maturities. Trinidad Petroleum had a US$850.0 million bond due in August, 2019, and a US$750.0 million bond in 2022, both incurred by its subsidiary Petrotrin to finance its failed gas to liquid and ultra-low sulphur diesel plants.
In July, 2019, Trinidad Petroleum announced the settlement of its offers to exchange all of its outstanding notes, accepting tenders and consents from holders of US$570.3 million in aggregate principal amount.
Value Added
BroadSpan actively worked on behalf of the creditors to preemptively engage the Trinidad Petroleum with the objective of maximizing overall recovery, which resulted in the restructuring of the Company’s, meeting bondholder’s expectations.
Trinidad Petroleum deal contacts
Key members of the BroadSpan Capital deal team crucial in the Trinidad Petroleum transaction
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