Citibank to fund $1B TSTT bond

The largest ever capital transaction, in the sum of a TT$1 billion bond for underwriting and funding for the upgrade of the Telecommunications Services of Trinidad and Tobago (TSTT) network, was commemorated yesterday at the Marriott Hotel. The Citibank (Citigroup) funding is the largest for a corporate entity, which was issued at $1 billion for ten years at the rate of 66.25. The bidding, which closed on Wednesday, began in January with 12 bidders in the first round, and shortlisted to four competitively.

TSTT chief executive Carlos Espinal said the bond will bring the company’s plans to fruition. Espinal said the crash of the GSM services occurred last week because of the unfortunate incidents in Trinidad and Tobago. “We had the storm and other events, and TSTT is trying to compensate customers and we are committed to make it work,” he said. He said TSTT is dedicated to having 98 percent of coverage across Trinidad and Tobago. “We have 50 new cell sites and 60 more will be added. The first phase will be completed in November,” he stated.