CEMEX in refinancing talks with banks

CEMEX in refinancing talks with banks
22 September 2023

CEMEX is in talks with its banks over the refinancing of a US$3bn credit facility, according to Reuters. Fernando Gonzalez, the company’s CEO, hinted that refinancing might be an option back in July this year following CEMEX’s upgraded outlook to 'positive' by ratings agency Fitch.

“We're in current discussions with our banks, because the biggest amount of debt that is maturing is bank debt,” explained CEMEX's Chief Financial Officer, Maher Al-Haffar. He is reported as saying that a 100 per cent extension to the company’s US$3bn bank debt line is on the cards and “likely to transform our maturity structure quite nicely.” 

“In terms of refinancing... although we're quite comfortable with our maturity profile... this upgrade and the feedback we're getting from the capital markets should give us the opportunity before the end of the year to do some liability management,” added Mr Gonzalez. No details in terms of timings or new terms were released. 

Mr Al-Haffar said CEMEX is also considering issuing local currency bonds to take advantage of the strong exchange rate, marking the company’s first debt sale in pesos since 2011. CEMEX has been gradually selling off assets in emerging markets like Costa Rica and El Salvador to invest mainly in the US and Europe. 


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