May 12, 2022
Trinidad and Tobago state-owned oil and gas company Heritage Petroleum said bondholders tendered $536 million of 9.75% 2026 bonds, or 94% of the outstanding amount, as part of a buyback.
Heritage offered late last month to pay $1,075.63 for every $1,000 in principal, including a $50 premium, until the deadline on May 10. It sold $500 million worth of 2029 bonds at 9% on May 5 to pay for the buyback. Credit Suisse was the dealer manager on the buyback and the global coordinator for the bond sale.
Bondholders turn in 92% of 2026 bonds to the Trini state-owned oil company