Cement News tagged under: Corporate Finance

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Cemex announces release of secured notes under the Facilities Agreement

12 October 2021, Published under Cement News

Cemex has announced that the collateral that guarantees Cemex's debt under its main bank agreement and its senior secured notes have been released. Under Cemex's Facilities Agreement of July 2017, the release of collateral was automatically triggered after Cemex previously reported two consecutive quarters with a consolidated leverage ratio of 3.75x or less. “We are very pleased with this momentous milestone which is a culmination of the substantial strengthening of our capital structu...

Cemex secures green financing

14 October 2020, Published under Cement News

Cemex SA de CV has closed the amendment process under its facilities agreement, dated 19 July 2017. Cemex is extending US$1.1bn of term loan maturities by three years from 2022-25 and approximately US$1.1bn of commitments under the revolving credit agreement by one year from 2022 to 2023. Cemex is also prepaying US$530m corresponding to the July 2021 amortisation under the facilities agreement to institutions participating in the extension. The Mexican company will renominate US$313m of ...

Dangote Cement Plc plans share buy-back

31 December 2019, Published under Cement News

Dangote Cement Plc is seeking shareholder approval to commence a share buy-back in an attempt to improve return on equity and shareholder value. In a notification to the Nigerian Stock Exchange (NSE), the cement company said it would convene an extra-ordinary general meeting (EGM) of shareholders for January 22, 2020, to amend its Articles of Association to enable it undertake a share buy-back of up to 10 per cent of its issued shares. "The relevant shares will be repurchased out of the pr...

Kazakhstan: Steppe Cement refinances US$15m loans

01 December 2016, Published under Cement News

Steppe Cement has announced that it has refinanced two loans worth a combined US$15.3m, StockMarketWire reports. A loan of US$5.5m due this month has split into three tranches, the last of which now falls due in November 2018. A US$9.8m loan contracted in 2014 will now be repaid in equal monthly instalments until November 2021. "The refinancing exercise allows Steppe Cement to spread the repayment of principals over the coming years and paves the way to pay dividends consistently once ...

India: Nirma raises US$598m to finance Lafarge acquisition

16 September 2016, Published under Cement News

Nirma Group, which in July won the race to buy Lafarge India for a reported US$1.4bn, has raised INR40bn (US$598m) from a bond sale to finance the purchase, the Economic Times reports. Nirma has created a special purpose vehicle, Nirchem, which administered the bond sale and will be used in the acquisition process. The sale, the largest of its type, was oversubscribed, with investors attracted by the 8.68 per cent yield, seen a decent price given Nirma’s AA credit rating. 

HeidelbergCement cancels S&P ratings agreement

26 November 2012, Published under Cement News

HeidelbergCement has cancelled its long-standing rating agreement with the rating agency Standard & Poor's (S&P). Its agreements with FitchRatings and Moody's will continue unchanged. HeidelbergCement's issuer/corporate rating is Ba1 stable by Moody's Investor Service and BB+ stable by Fitch Ratings. "Thanks to its outstanding reputation at the credit markets and the ratings from Moody’s and Fitch, HeidelbergCement retains a strong capability to successfully execute capital market tran...

Gansu Cement to raise RMB1.68bn via rights issue

22 November 2012, Published under Cement News

Gansu Qilianshan Cement Group Co plans to raise up to RMB1.68bn via a rights issue. The company will sell 142m shares to its shareholders at a ratio of three new shares for every 10 held at RMB6.26/share. Proceeds from the issue will be used to repay bank loans and replenish working capital.

Maple Leaf Cement expects to record highest net profit in six years

20 November 2012, Published under Cement News

Pakistani cement producer Maple Leaf Cement Factory Ltd (MLCF) is expected to be on track to record its highest net profit in six years on improved price realisation and lower interest rates reducing loan payments. Rising prices are helping local cement makers to deal with sluggish sales. In the four months ended 31 October, national sales were 1.5% down to 13.4Mt, according to the All Pakistan Cement Manufacturers’ Association. The average price of a 50kg bag could increase to PKR440 by ...

UltraTech Cement mandates SMBC for loan, India

13 September 2012, Published under Cement News

UltraTech Cement Ltd has awarded a sole mandate to Sumitomo Mitsui Banking Corp for a syndicated loan, sources said. One source said the deal size is between US$50m and US$100m. Timing of any potential syndication is not determined yet. Ultra Tech Cement is part of the Aditya Birla Group. It is the country's largest cement maker, with a capacity of 48Mt which it is increasing to 62Mt by FY14.