Cemex secures $1.9bn revolving credit to pay debt, Mexico

Cemex secures $1.9bn revolving credit to pay debt, Mexico
Published: 08 June 2005

Cemex SA has secured $1.9bn in two revolving credit facilities that it will use in part to refinance debt associated with its recent acquisition of RMC Group, one of the leading banks said Tuesday. 

Barclays Capital said in a press release that Cemex secured $1.2bn in a five-year revolving credit, and $700m in a restatement of an existing credit facility over four years. 

Barclays Capital and Citigroup Global Markets were joint bookrunners on the $1.2bn credit, and Barclays, Citigroup and ING were bookrunners on the $700m credit.  The bank said 23 lenders participated. 

Barclays said that as a result of strong demand, Cemex decided to increase the five-year facility to $1.2bn from $1bn, and reduce the four-year credit to $700m from $800m. Cemex acquired RMC Group this year fot $5.8bn in cash and debt, becoming the world’s leading supplier of ready-mix concrete.