Mexican cement maker Grupo Cementos de Chihuahua (GCC) has completed a plan to refinance some US$738mn of debt, the company said in a release to Mexico City’s bourse BMV.
The plan consolidates the firm’s US$455mn banking debt, which includes two syndicated and two bilateral loans. Interest will be paid at Libor plus 4.5%, with a 2% minimum Libor floor, and the debt will mature at end-2015.
The firm’s private debt, totaling US$284mn, will also be repaid by end-2015. Interest will be capitalized on the loan and has been lowered from 6.8% to 5.0% for the first year, increasing one percentage point each year thereafter.
All conditions have been fully satisfied and final documentation has been signed, the release said.