Trinidad Cement Limited (TCL) has amended its loan agreements with Citibank and Scotiabank for the third time.
According to a notice published in local newspapers, TCL’s board of directors on May 28, 2025 entered into a third amended and restated agreement to TCL’s loan agreement dated July 24, 2018 with Citibank (Trinidad & Tobago) as lender for a principal amount of TT$135 million and Scotiabank as lender of the principal amount of $135 million.
The notice confirmed the loan had last been amended on December 2, 2022.
The loan is being used to repay existing loan obligations of TCL under loan agreements dated July 22, 2021 with Republic Bank and RBC Merchant Bank.
The key terms of the agreements are a term loan for the aggregate principal sum of TT$270 million for a period of 4 years, with a two-year grace period for quarterly capital repayments.
The interest rate is the most recent T&T three-month Treasury Bill rate plus 250 basis points. The effective yield of the 91-day Treasury Bill, which matures on July 31, is 2.14 per cent.
The agreements are guaranteed by Cemex, S.A.B.de C.V, which is the parent company of TCL. Cemex, which is a Mexican multinational building materials company, owns 69.83 per cent of TCL, through a holding company called Sierra Trading.
In its unaudited financial results for the three months ended March 31, 2025, TCL declared after-tax profit of $85.9 million, an increase of 9.67 per cent over its first quarter of 2024.
The cement-manufacturing company’s revenue for the period January 1 to March 31, 2025 was $626.48 million, an increase of 9.25 per cent.
