Cemex said Tuesday that it made a US$100m voluntary prepayment on refinanced debt last month, reducing the amount it has to amortisze in June 2012.
With the Dec. 15 prepayment of the US$100m, Cemex said in a filing with the U.S. Securities and Exchange Commission, it has reduced by US$5.3bn the level of debt under its 2009 financing agreement, when the company rescheduled US$15bn in mostly bank debt in the midst of the global economic crisis.
Following the payment, Cemex’s indebtedness under the agreement was around US$9.6bn. The payment reduced the amount of principal to be paid under the agreement in June 2012 to around US$47m, Cemex added.
The company unveiled the transaction as it went to market to place seven-year global bonds which were expected to yield between 9.125% and 9.25%, according to a person familiar with the deal.