Cemex shares solidly higher; steel outlooks lowered

Cemex shares solidly higher; steel outlooks lowered
Published: 24 December 2008

Mexican stocks outperformed other Latin American equities Tuesday, with help from cement maker Cemex SA on news that its debt-refinancing troubles are easing.

Mexico’s IPC index rose 0.5 per cent to 22,174.26, nearly winning back the 0.7 per cent that it lost in the previous session.

Shares of Cemex (CX, US) jumped five per cent following the company’s announcement that its lenders have agreed to plans to refinance US$2.2bn in loans due next year and in early 2010. It also received an extension of US$1.5bn of a US$3bn syndicated-loan facility due next year.

The company, which is the biggest provider of ready-mix cement to the United States, said it is still in talks about remaining short-term debt. Cemex has about US$6bn in debt due in 2009.