Majority state-owned Telecommunications Services of T&T Ltd (TSTT) has successfully completed a major dual-currency refinancing transaction valued at approximately US$481 million.
In a release issued yesterday the company explained the refinancing, which was priced on October 27, 2026, drew funding from both international US dollar and domestic T&T dollar capital markets.
The transaction included US$305 million in senior secured notes due 2036 and TT$1.192 billion, equivalent to approximately US$176 million, in senior secured notes also due 2036. The current US-dollar bond was priced at US$102.65 with a yield of 9.30 per cent. That bond is meant to refinance a TSTT 10-year October 2019 bond, whose all-in original yield was 8.875 per cent.
Proceeds from the offering were used primarily to redeem the company’s existing US dollar and TT dollar senior secured notes due in 2029.
The financing was arranged by Citi and Scotiabank, which acted as joint bookrunners for the US dollar notes and lead managers for the TT dollar notes, while Acero Capital served as financial adviser to TSTT. Acero Capital is a company formed by former Caribbean Development Bank vice president, Gregory Hill. The company also served as the financial advisor to the Government for two bond issues this year totaling US$1.8 billion.
The release further said the successful outcome is particularly notable given the globally challenging and still selective international capital market backdrop.
It noted TSTT is the first T&T corporate issuer to access the USD International Capital Markets in 15 months, and the ability to raise nearly US$500 million equivalent across international and domestic markets represents a significant financing achievement for TSTT and its stakeholders.
Chairman Kern Dass described the level of investor support as an endorsement of TSTT’s strategic direction and financial progress, adding that the board remains committed to responsible stewardship and to maintaining the financial discipline needed to sustain a profitable.
The release added the offering followed an intensive four-day global roadshow, during which management met with more than 70 leading Emerging Markets investors across the United States, Europe and Latin America.
The international offering attracted participation from more than 40 accounts in the final US$ 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,” TSTT said.
TSTT’s acting chief executive officer Reza Hosein also said extending debt repayment profile gives the company greater financial flexibility to meet its obligations and plan continued investment in our networks and infrastructure.
The release also noted that 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, added that despite a volatile market backdrop, the transaction attracted support from both international and domestic investors.
Scotiabank’s Dennis Eisele, managing director and head, LatAm Fixed Income Origination also noted that the transaction demonstrates strong investor confidence in TSTT and highlights the Company’s ability to access both international and domestic capital markets.
