Cement News tagged under: Caribbean
Fitch upgrades TCL's IDRs to 'B-'; Outlook Stable01 July 2015, Published under Cement NewsFitch Ratings has upgraded the Foreign and Local currency Issuer Default Ratings (IDRs) of Trinidad Cement Ltd (TCL) to 'B-' from 'D' and assigned an expected rating to the company's proposed senior secured term loan of 'B-(EXP)/RR4'. The rating Outlook is Stable The upgrade reflects the restructuring steps TCL has taken under the increased ownership, support and strategic guidance from Cemex (Cemex; 'B+'/Stable Outlook) following the default on its bank loans in September 2014. Fitch exp... |
Cementos Argos29 June 2015, Published under Cement NewsCementos Argos’ 1Q15 results have revealed a 27 per cent jump in revenue to COP1.7trn (US$630m), driven by growth in trade to the US. Consolidated EBITDA over the period advanced by 18 per cent to COP307bn (US$121m) while net profit rose 3.3 per cent. Cement dispatches improved by 18 per cent to 3.2Mt over the quarter with the Colombian market registering a 19 per cent increase to 1.5Mt. The US market, however, saw shipments rise by 39 per cent to 635,000t, while the Caribbean and Central ... |
CCCL secures highway stabilisation contract, Jamaica17 June 2015, Published under Cement NewsCaribbean Cement Company Ltd (CCCL) has secured a deal to supply cement for use in stabilisation of a 46km stretch of the north-south leg of Highway 2000, which is currently under construction. The local cement manufacturer is also to supply projects that will see 640 hotel rooms being built by BahÌa PrÌncipe and 460 rooms for student accommodations being constructed at the University of the West Indies. "We are now on a path to improve profitability on a sustainable basis," recently appoi... |
Argos reports solid start to the year28 May 2015, Published under Cement NewsArgos reported a solid first-quarter results, with a double-digit rise in cement volumes and price recovery in both Colombia and the US. Consolidated revenues in the first quarter grew 27 per cent YoY, reaching COP1.7trn (US$669m). EBITDA was up by 18 per cent to COP307bn supported by structural improvements in al regional divisions as the group reported continuous achievements in operational efficiencies an discipline across al fronts of its organisation. Net income for 1Q15 stood at C... |
TCL poised for new loan syndication28 May 2015, Published under Cement NewsTrinidad Cement Limited (TCL) is set to launch a US$245m five-year term loan as it seeks to turn a new leaf following the completion of a debt restructuring earlier this year, Reuters reports. Bank meetings in New York today will kick off a syndication being led by Credit Suisse and Citigroup, whose bridge loan to the company is expected to be taken out with this transaction. After failing to bring a debut international bond to market last year, TCL was forced in October to miss a debt pay... |
TCL restructures debt, names new CEO18 May 2015, Published under Cement NewsTrinidad Cement Ltd (TCL) has repaid all its previous lenders, company chairman, Wilfred Espinet, announced alongside Nigel Edwards and new chief executive, Jose Luis Seijo. Espinet said shareholders were updated at a February meeting on some of the board's plans to reorganise the capital structure of TCL and were, at that time, advised that the board had agreed to a set of restructuring terms with lenders, with two significant preconditions-the removal of the 20 per cent restriction ... |
Cementos Argos readies itself for 'vibrant' US market growth26 March 2015, Published under Cement NewsWith US demand recovery on a roll, Cementos Argos is readying itself for 'vibrant' growth in the years ahead with the group having consolidated its presence in nine strategic states. Last year, Argos recorded historic overall results in terms of both income and EBITDA, which rose above US$2.9m and US$534m (growth of 17 and eight per cent, respectively). The company reported unprecedented consolidated figures in terms of cement and concrete sales volumes, dispatching 12.5Mt of cement and 11M... |
TCL reports full-year loss25 February 2015, Published under Cement NewsTrinidad Cement Ltd recorded a loss of TTD211m for last year, as the company wrote down the value of its investment in Arawak Cement Company (Barbados) by TTD153m and in deferred tax assets by TTD86m. TCL chairman Wilfred Espinet said if the one-time impairment expenses were excluded from the results, the profit after tax figure would have amounted to TTD88m, which would have been 166 per cent higher YoY on a like-by-like basis. Revenues rose by nine per cent YoY driven by growth in it... |
Guyana’s first integrated plant officially opened16 December 2014, Published under Cement NewsCaricom Cement Company Inc has officially opened the first cement plant in Guyana in the presence of Prime Minister Samuel Hinds. The plant, situated in Everton, East Bank Berbice, has a capacity of 0.5Mta and is located in the same compound as Caricom Cement’s bagging facility. Also in attendance during the opening ceremony, which took place on 13 December 2014, were Irfaan Ali, Minister of Tourism, Industry and Commerce; David Armogan, chairman of Region Six; Roshan Habbibullah, CEO of ... |
TCL downgraded by Fitch Ratings09 October 2014, Published under Cement NewsTrinidad Cement Ltd (TCL) has been downgraded by Fitch Ratings, just days after Standard & Poor’s (S&P) also lowered its corporate credit rating on the Caribbean-based producer. Fitch’s primary analyst Phillip Wrenn said in a statement that cement company’s foreign and local currency issuer default ratings (IDRs) had dropped to ‘D’ from ‘B-’. “This downgrade to ‘D’ follows the announcement by TCL’s Board of Directors on 29 September 2014 of a ‘standstill’ on all payments due under exis... |