Telecommunications Services of Trinidad and Tobago Limited (“TSTT” or the “Company”) successfully completed its refinancing transaction, priced on October 27, 2026, across both the international US$ and domestic TT$ capital markets, raising approximately US$481 million equivalent of long-term secured financing.
Citi and Scotiabank acted as joint bookrunners for the US$ Notes and lead managers for the TT$ Notes, with ACERO Capital serving as financial adviser to TSTT.
The transaction comprised US$305 million of Senior Secured Notes due 2036 and TT$1.192 billion, equivalent to approximately US$176 million, of Senior Secured Notes due 2036. Proceeds were used primarily to redeem in full TSTT’s outstanding USD- and TT$-denominated Senior Secured Notes due 2029, addressing the Company’s capital markets maturities and prudently extending its debt profile.
The successful outcome is particularly notable given the globally challenging and still selective international capital market backdrop. TSTT is the first Trinidad and Tobago corporate issuer to access the USD International Capital Markets in 15 months, and the ability to raise nearly US$500 million equivalent across international and domestic markets represents a significant financing achievement for TSTT and its stakeholders.
TSTT Chairman Kern Dass stated, “The confidence shown by investors is an endorsement of TSTT’s progress and long-term strategic direction. The Board remains committed to responsible stewardship and to maintaining the financial discipline needed to sustain a profitable, resilient company that contributes to Trinidad and Tobago’s development.”
The offering followed an intensive four-day global roadshow, during which management met with more than 70 leading Emerging Markets investors across the United States, Europe and Latin America. The international offering attracted participation from more than 40 accounts in the final US$ orderbook, reflecting strong global institutional interest following the roadshow. In parallel, TSTT undertook a month-long pre-marketing exercise for the TT$ tranche, which culminated in participation from more than 45 investors in the final domestic orderbook, demonstrating broad support from local investors.
Importantly, the transaction achieved meaningful interest spread compression of 190 basis points in USD and 150 basis points in TTD, relative to the relevant sovereign benchmarks versus TSTT’s 2019 inaugural issuance, across both the USD-denominated and TTD-denominated tranches.
The outcome underscores the progress TSTT has made over the intervening period, supported by operational improvements, a strengthened financial profile and an improved credit standing, as evidenced by S&P’s upgrade to BB- from B+ in 2023.
TSTT Chief Executive Officer (Ag.) Reza Hosein said, “This successful refinancing reflects the work our team has done to strengthen TSTT’s financial and operational performance. Extending our debt repayment profile gives us greater financial flexibility to meet our obligations and plan continued investment in our networks and infrastructure. Our focus remains on sustaining profitability and delivering the connectivity that people and businesses across Trinidad and Tobago depend on.”
Overall, the successful dual-currency execution, broad investor participation, meaningful spread compression and substantial extension of TSTT’s maturity profile represent a strong outcome for the Company, demonstrating its ability to attract substantial long-term financing across international and domestic capital markets.
Citi and Scotiabank, as joint bookrunners for the US$ Notes and lead managers for the TT$ Notes, worked alongside TSTT and ACERO Capital to successfully execute the refinancing transaction.
Adrian Guzzoni, Head of LatAm Debt Capital Markets, Citi, said, “Despite a volatile market backdrop, the transaction attracted support from both international and domestic investors. We are pleased to have supported TSTT in achieving its refinancing objectives and extending its debt maturity profile.”
Scotiabank’s Dennis Eisele, Managing Director & Head, LatAm Fixed Income Origination added, “Scotiabank is proud to have supported TSTT in the successful execution of this landmark refinancing. The transaction demonstrates strong investor confidence in TSTT and highlights the Company’s ability to access both international and domestic capital markets. We were honoured to bring Scotiabank’s global capital markets capabilities and local expertise to the transaction, supporting TSTT in achieving its long-term financing objective”