Trinidad's TSTT closes $480M bond refinancing to push out debt maturities
What's the deal? Telecommunications Services of Trinidad and Tobago (TSTTDealroom has a profile for this one. Try Dealroom →) has closed an approximately US$480 million dual-currency bond offering, replacing its notes due 2029 with secured bonds maturing in 2036. The offering comprised US$305 million of 9.750% senior secured notes and TT$1,192,145,000 (about US$176.5 million) of 8.680% senior secured notes, both listed on the Luxembourg Stock ExchangeDealroom has a profile for this one. Try Dealroom →. Morgan LewisDealroom has a profile for this one. Try Dealroom → advised TSTT as US legal counsel.
Why now? The new bonds funded the redemption in full of TSTT's existing US$300 million of 8.875% notes and TT$1,156 million of 8.30% notes, both due 2029. Any remaining proceeds are available for general corporate purposes.
What's the endgame? This is a balance-sheet reset, not new growth funding. S&PDealroom has a profile for this one. Try Dealroom → rated the proposed notes BB-, called the transaction debt-neutral, and said it would extend the maturity profile and ease near-term liquidity pressure, estimating adjusted debt/EBITDA at around 4x or lower.
What could go wrong? The longer tenor comes at a cost: the US-dollar tranche carries a 9.750% coupon, up from the 8.875% on the old notes. TSTT is also under financial strain, reporting a total comprehensive loss of $82.2 million for the year ended March 31, 2025.
By the numbers: At roughly US$480 million, the raise sits in the top third of comparable deals by size, in the 70th percentile. Morgan Lewis previously advised TSTT on its 2019 and 2022 bond issuances.
The signal: Caribbean telecom operators are clearing the runway on debt. Digicel pushed out maturities in a much larger 2025 refinancing; TSTT's deal follows the same playbook on a smaller scale, trading higher coupons for breathing room rather than chasing expansion.
Read more: morganlewis.com
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