Loma Negra pays off US$39m in debts

Loma Negra pays off US$39m in debts
Published: 09 September 2005

Loma Negra, Argentina’s biggest cement company, has redeemed early US$39.3mn of bonds, the firm told the Buenos Aires stock exchange. 
The company carried out the early repayment of the bonds with excess cash funds generated in the first six months of the year, read the company statement.
"After these payments, there are no more capital quotas of circulating Loma Negra bonds that can be called in before September 5, 2008," according to the company. 
The Brazilian construction group Camargo Corrêa recently paid out US$1.03bn to assume control of Loma Negra and other subsidiaries. This total included US$200mn in net debt of the Argentine company. 
The deal is currently being examined by Argentine antimonopoly authorities.
Loma Negra controls 48% of the Argentine cement market but was among a group of companies in the sector fined a total of 309mn pesos (US$108mn) by the government last month for allegedly manipulating prices. Loma Negra and fellow cement maker Juan Minetti have appealed.