Cemex refinances debt for US$15bn

Cemex refinances debt for US$15bn
Published: 17 August 2009

Cemex announced Friday that it has refinanced US$15bn of its debt consolidated with 75 international banks.

"The refinancing plan extends the maturities of approximately US$15bn 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 US$19bn debt unless it is able to get affordable refinancing agreements.