TSTT has announced that it intends to make an international offering of US dollar denominated bonds and TT dollar denominated bonds, citing the primary purpose for the proceeds of the offering to go towards “refinancing existing indebtedness”. TSTT CEO Dr Ronald Walcott said on Thursday, this is all part of the majority state-owned telecommunications company’s strategic plan.
“We have always indicated, since we presented our five-year strategic plan, that it was a $3.8 billion plan, and we will be looking for funding on the capital market for $2.7 billion with the rest internally generated.
“So this is very much in keeping with that. What we decided to do was to access the amount that will allow us to refinance the existing $1.5 billion debt that we have with Republic Bank and the rest is for funding for the various activities that we’ve done including the recent restructuring,” Walcott said after the launch of the bmobile-UWI innovation lab at the university’s St Augustine campus.