Cementos Portland to refinance EUR817m debt, reports 9M15 results

Cementos Portland is currently analysing “various alternatives” to refinance EUR817m of debt, 59 per cent of its total liabilities, which expires in 2016.

"The debt refinancing of the syndicated loan that matures in 2016 is ongoing and the company works in different scenarios with FCC in a coordinated way," said the cement maker on the occasion of the presentation of its quarterly results. Cementos Portland’s  debt restructuring process runs in parallel with the plan of FCC to repay EUR450m of its debt.

Cementos Portland reported a net loss of EUR54.3m for the first nine months of the year. The lower profit is due to reduced emission right sales and a decrease in output as a result of the annual maintenance stop in its plants, the company said. However, net sales of cement expanded by 7.3 per cent during the nine-month period to EUR436.2m, thanks to “positive activity” in Spain, the US and UK and prices. Almost a third of revenues originated from the company’s international activity. EBITDA fell by 23.5 per cent YoY to EUR63.2m.