Port of Spain, Trinidad and Tobago – State-backed national telecommunications provider Telecommunications Services of Trinidad and Tobago (TSTT) has closed a landmark dual-currency secured bond issuance raising a combined US$481 million equivalent, a deal that refinances all of its outstanding debt maturing in 2029 and pushes its full repayment timeline out seven years to 2036, the firm announced in an official statement on Wednesday. The two-tranche offering consists of US$305 million in U.S. dollar-denominated senior secured notes carrying a 9.75% annual coupon, alongside TT$1.192 billion (valued at roughly US$176 million) in local currency senior secured notes with an 8.68% interest rate. Both sets of new notes have been listed on the Luxembourg Stock Exchange, creating a transparent, internationally regulated trading platform for global and domestic holders. The full proceeds from the issuance were deployed to fully redeem TSTT’s legacy 2029 notes, which previously carried a US$300 million tranche at 8.875% interest and a TT$1.156 billion tranche at 8.30% interest. Priced on October 27, 2026, the transaction strategically extends the company’s overall debt maturity profile, eliminating near-term refinancing risk at a time when global emerging market capital conditions remain tight and selective. TSTT marks the first corporate issuer from Trinidad and Tobago to tap the U.S. international capital markets in a 15-month stretch, a milestone that company leadership described as a testament to its steadily improving market standing. The U.S. dollar tranche was marketed via a four-day global roadshow that saw TSTT’s executive team hold in-person and virtual meetings with over 70 emerging market-focused investors across North America, Europe, and Latin America, ultimately drawing commitments from more than 40 distinct institutional accounts. The local currency TT dollar tranche, by contrast, followed a month-long domestic pre-marketing campaign that garnered interest from over 45 local institutional and high-net-worth investors. The final pricing delivered notable spread compression relative to TSTT’s 2019 inaugural bond issuance, with the U.S. dollar notes seeing a 190 basis point reduction in spread over relevant sovereign benchmarks, and the TT dollar tranche posting a 150 basis point spread cut. TSTT leadership attributed the improved financing terms to years of targeted operational upgrades, a more robust balance sheet, and a 2023 credit rating upgrade from S&P Global that lifted its long-term issuer rating from B+ to BB-. TSTT Board Chairman Kern Dass noted the overwhelming investor response reflected broad market confidence in the firm’s multi-year turnaround and long-term strategic roadmap. “Our board remains unwaveringly committed to responsible corporate stewardship and the strict financial discipline required to build a profitable, resilient national telecom operator that directly fuels Trinidad and Tobago’s broader economic development,” Dass stated. Acting Chief Executive Officer Reza Hosein emphasized that the extended debt timeline would unlock significant new operational flexibility, freeing up capital previously earmarked for near-term debt repayment to fund ongoing network expansion and infrastructure modernization across the country. “This refinancing is the direct payoff of years of cross-team work to strengthen TSTT’s financial health and operational performance. By pushing our maturity dates out seven years, we gain far greater room to meet all existing obligations while ramping up investment in the 5G-ready broadband and mobile networks that every household and business in Trinidad and Tobago relies on,” Hosein explained. Global financial institutions Citi and Scotiabank served as joint bookrunners for the U.S. dollar tranche and lead managers for the local currency TT dollar notes, while ACERO Capital acted as TSTT’s independent financial advisor for the full transaction. Adrian Guzzoni, Citi’s Head of Latin America Debt Capital Markets, highlighted that the deal secured strong cross-regional investor backing even amid persistent volatility in global fixed income markets. “Against a turbulent macro backdrop that has sidelined many emerging market issuers, this transaction drew enthusiastic support from both international institutional investors and local stakeholders. We are proud to have partnered with TSTT to hit its refinancing targets and extend its maturity runway,” Guzzoni said. Dennis Eisele, Scotiabank’s Managing Director and Head of Latin America Fixed Income Origination, described the deal as a landmark demonstration of TSTT’s market credibility. “This refinancing is a clear signal of broad investor confidence in TSTT’s trajectory, and it underscores the rare ability of a regional Caribbean corporate to successfully access both deep international capital pools and its vibrant domestic investor base. We were honored to combine our global capital markets expertise with on-the-ground local Caribbean market knowledge to help TSTT hit this critical long-term financing milestone,” Eisele added. TSTT’s final post-transaction assessment noted that the combination of dual-currency execution, broad cross-market investor participation, meaningful spread reduction, and multi-year maturity extension creates a far more stable financial foundation for the telecom provider for the next decade.