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Business

Cement company Cemex refinances debt for 15 billion dollars

Text by NEWS WIRES

Latest update : 2009-08-14

The Mexican cement company Cemex announced Friday that it has refinanced 15 billion dollars of its debt, consolidated with 75 international banks in syndicated and bilateral obligations.

AFP - Mexico's Cemex, the world's third largest cement company, announced Friday that it has refinanced 15 billion dollars of its debt consolidated with 75 international banks.

"The refinancing plan extends the maturities of approximately 15 billion dollars in syndicated and bilateral obligations with approximately 75 banks and private placement noteholders, providing for a semi-annual amortization schedule, with a final maturity of February 14, 2014," Cemex said in statements in both Spanish and English.

Company Chairman and CEO Lorenzo Zambrano said that the refinancing "significantly improves our debt maturity profile," while providing Cemex "with greater flexibility and the ability to diversify sources of financing."

As a result, "CEMEX is in a much stronger financial position to regain our financial flexibility and, eventually, our investment-grade capital structure," Zambrano said.

In February Cemex said it would default on its close to 19 billion dollar debt unless it is able to get affordable refinancing agreements.

Cemex at the time acknowledged it was handicapped by poor report cards issued by US ratings agencies Standard & Poor's and Fitch Ratings.

It also said its business operations were feeling the negative impact of the global economic crisis, and that infrastructure boosting plans announced by several countries, including the United States, were not enough to help Cemex.

Date created : 2009-08-14

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