Heritage fills up bond buyback

Heritage fills up bond buyback

Corporate & Sovereign Strategy Bonds Debt Fixed Income Capital Markets Energy Oil Trinidad & Tobago United States Caribbean

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.

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