Mexico’s Cemex to take loan up to $1.2bn

Cemex has reached a deal to borrow up to $1.2bn in two tranches from a group of banks. The company plans to use the proceeds of the loan to pay down other debt, the source said.  Cemex declined comment and no further details were immediately available. 

Cemex shares finished among the top percentage gainers in the local market on Monday, up 3.15 per cent at 86.81 pesos while it New York-traded shares added 2.55 per cent to $39.77.  Last week the cement maker announced its plans to consolidate with Ready Mix USA to form a strategic alliance to boost its business in the US Southeast.