Cemex Says Bankers Agree to Waiver in Debt Proposal

Cemex Says Bankers Agree to Waiver in Debt Proposal
Published: 03 August 2009

Cemex said banks agreed to extend a covenant waiver to allow the company to complete a refinancing of almost $15 billion of debt.

The extension of the waiver, which expired today, still needs to be formalized, Jorge Perez, a Cemex spokesman, said in an e-mailed response to questions.

Cemex said on July 29 that it had more than 90 percent support for the refinancing proposal, which would extend maturities on almost $15 billion of debt to February 2014, with some payments due periodically before that date. The Monterrey, Mexico-based company had received a waiver on covenants until July 31 that allowed it to negotiate the refinancing and avoid default.