Cemex has 90 per cent creditor support for a plan to refinance almost $15 billion of bank debt and is requesting more time to conclude the proposal.
The plan needs approval from all creditors, Hector Medina, chief of finance and legal, said today on a conference call. The company is requesting an extension of a debt-covenant waiver that expires on July 31 to allow it to gain support from remaining creditors and complete legal documents.
The refinancing plan would extend debt maturities through February 2014, with some payments due periodically before that date, Chief Financial Officer Rodrigo Trevino said on the call. The agreement would include restrictions on Cemex acquisitions, investments and other actions, he said.
“We now think we have a refinancing plan that makes a lot of sense,” Trevino said. “Today, more than any time in the recent past, we are confident that we’re close to a solution that works for everybody.”