Cemex completes refinancing of its 2012 facilities agreement

Cemex completes refinancing of its 2012 facilities agreement
Published: 04 August 2015

Tagged Under: Debt refinancing Mexico Cemex 

Cemex announced yesterday that it has fully repaid the total amount outstanding of approximately US$1.94bn under the facilities agreement dated 17 September 2012, as amended from time to time, with new funds from 17 financial institutions. These lenders have joined the credit agreement dated 29 September 2014, as amended (the Credit Agreement) under new tranches, allowing Cemex to increase the average life of its syndicated bank debt to approximately four years. Other financial institutions may join the Credit Agreement in the following months.

With this transaction, total commitments under the Credit Agreement increased to approximately US$3.79bn. These commitments include approximately EUR620m and approximately US$3.12bn, out of which about US$710m are in a revolving credit facility. The Credit Agreement now has an amortization profile, considering all commitments, of approximately 10 per cent in 2017; 25 per cent in 2018; 25 per cent in 2019; and 40 per cent in 2020.

As a result of this refinancing, Cemex has no significant debt maturities in 2016 and 2017 other than the approximately US$352m of Convertible Subordinated Notes due March 2016 and approximately US$373, corresponding to the first amortization under the Credit Agreement in September 2017.