00:00TSTT says the U.S. $481 million raised through the bond offering will primarily be used to repay existing U
00:08.S. and Trinidad and Tobago dollar-denominated debt due in 2029.
00:13The new financing comprises U.S. $305 million in U.S. dollar notes, carrying an interest rate of 9.75%,
00:21and approximately U.S. $176 million in Trinidad and Tobago dollar notes at 8.68%.
00:28Both tranches mature in 2036.
00:32The company says the transaction, priced on October 27, attracted significant investor interest, with more than 40 international accounts participating
00:41in the U.S. dollar offering and over 45 investors in the domestic market.
00:47TSTT also points to improvements in its financial profile and credit standing, including an upgrade by S&P from B
00:55-plus to B-b-minus in 2023.
00:57However, the refinancing has prompted questions from the Communication Workers' Union about the company's financial priorities.
01:04In a media release, the CWU acknowledges the refinancing as a legitimate financial strategy, but says TSTT's improved financial standing
01:13and greater financial flexibility must also be considered in outstanding collective bargaining negotiations.
01:19The union represents workers at TSTT and says two bargaining periods remain unresolved, 2020-2022 and 2023-2025.
01:29It is questioning the company's ability to secure long-term financing, while wage negotiations covering six years remain outstanding.
01:37The CWU is also calling for transparent financial information on the company's ability to meet its obligations to workers.
01:45Negotiations are scheduled to resume on Tuesday, November 10.
01:48The union says financial discipline must also extend to the workforce.
01:53Dominic Ramroop, TV6 News.
