MHTL, a member of the Proman Family of Companies announced the completion of a 1 billion dollar term facility. The term facility bears interest at a rate of 5.5% per annum for the first 18 months. The term facility has a tenor of three years and is unsecured with interest payable semi-annually.
According to a release from the company, the lead arrangers for the facility are Ansa Merchant Bank, Scotiabank Trinidad and Tobago and Republic Bank Limited. The inaugural issuance was over subscribed and based on strong local reverse inquiries from a combination of local banks, global banks represented domestically and local asset managers. The proceeds of the financing will serve the working capitl and expenses of the MHTL facilities in the domestic currency.
Claus Cronberger, acting CEO of MHTL and Managing Director of Proman Trinidad said, “With this inaugural local Trinidadian debt issuance we have further solidified Proman’s position as one of the premier energy companies in Trinidad and Tobago with strong local interests. MHTL continues to be the core operational asset for the Proman family of companies and we remain focused on delivering world class methanol and fertilizer products from our diversified asset base in Pt Lisas where we remain a significant player of the local talent with over 1500 local employees.