Cemex presents bank debt refinancing plan

Cemex presents bank debt refinancing plan
Published: 01 July 2009

Cemex said it’s in the process of presenting a refinancing plan to its core bank creditors that seeks to reschedule US$14.5bn in debt through 2014.

In a press release Cemex said it’s presenting its proposal in two meetings. One was held Monday in New York and another is planned for today (Wednesday 1 July) in Madrid.

Cemex said it’s making "significant progress with its core banks who represent a majority of the company’s outstanding bank debt."

The main component of the plan is a credit facility that would run through 2014, moving debt maturities for 2009-2011 "substantially into the future," Cemex said.

Cemex said it expects the refinancing, along with asset sales, cost-cutting and access to capital markets, to strengthen its capital structure and give it greater flexibility and more diverse sources of financing.

"I am confident that the strategy we are pursuing is positioning Cemex for a successful future," Chairman and Chief Executive Lorenzo Zambrano said in the release.

Source: Dow Jones Newswires