Cemex rolls over receivables securitization program
Cemex said Tuesday that it rolled over a program in Mexico to securitise accounts receivable for MXN2.5bn (US$202m) that will provide it with resources at a longer maturity and better rate.
Cemex said a fund at the Mexican unit of HSBC Holdings PLC issued the MXN2.5bn in receivables-backed bonds due Oct. 5, 2015, at a spread of two percentage points above the 28-day TIIE interbank rate. The TIIE was 4.81% Tuesday.
Cemex said the sale of receivables doesn’t represent debt for the company, and that it will use proceeds to pay off receivables-backed bonds issued in 2009, and to pay down other debt.
The shares of highly leveraged Cemex have fallen sharply since last month when the company reported worse-than-expected second-quarter earnings, hurt by the lack of recovery in US residential construction, one of Cemex’s key markets.
Published under Cement News
