Trinidad
refinery to sell $750 million of debt to fund
upgrade
By Bryan Keogh
Bloomberg
NEW
YORK
Petroleumworldtt.com
04 29 07
Petroleum Co. of Trinidad & Tobago
Ltd, or Petrotrin, plans to sell $750 million of
dollar-denominated bonds, according to Moody's
Investors Service.
Proceeds from the sale of the senior unsecured
bonds will be used to fund Petrotrin's $800 million
project to improve the gasoline it refines, Moody's
said in a report on Monday.
The
project "should allow for an improved
product mix, with improved gasoline and lighter
distillates yields and increased compliance with
certain environmental specifications, greater reliability,
and, over the longer term, lower refining unit
costs," Moody's said.
Moody's
gave the notes an investment-grade rating of
Baa2. Standard & Poor's rates the company
BBB+.
Bloomberg
April 24, 2007
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