Cement News tagged under: Debt
Cemex closes US$3.5bn credit agreement09 November 2021, Published under Cement NewsCemex has closed a new US$3.25bn syndicated credit agreement, with it being the first debt issued under its sustainability-linked financing framework. The proceeds have been used to fully repay its previous facilities agreement. The new credit agreement consists of US$1.5bn in five-year amortising term loans and a US$1.75bn five-year committed revolving credit facility, the company said in a statement. "This new credit agreement represents a major milestone in our path to investment gr... |
Cemex announces release of secured notes under the Facilities Agreement12 October 2021, Published under Cement NewsCemex 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... |
PPC not to raise capital and focus on growth29 September 2021, Published under Cement NewsSouth Africa-based PPC has successfully refinanced its debt and is close to finalising its restructuring. Therefore, the company will not require a capital raise, said its CEO, Roland van Wijnen. The new debt facilities of ZAR2.1bn have an extended maturity profile with the long-term facility of ZAR1.5bn being repayable over 3-5 years. The margins were reduced across all facilities to reflect PPC’s improved credit risk profile. “The organisation is now in calmer seas after a hectic 18 mo... |
The dangers of debt13 July 2020, Published under Cement NewsIn this month’s Technical Forum, Dr Michael Clark considers how the history of the Kenyan cement industry can serve as a case study for some of the dos and don’ts of the sector. Going forward, impaired sales performances may increase company debt levels but this is far from the only reason why debt can be easily accrued. ARM Cement fell into bankruptcy after building up debt through an ambitious expansion programme and then being hit by both a demand contraction and price war in 20... |
Titan issues notes for general purposes, including bank debt repayment30 June 2020, Published under Cement NewsTitan Global Finance plc, a subsidiary of Titan Cement International SA, is inviting holders of its 3.500 per cent guaranteed notes due June 2021, originally issued in an aggregate principal amount of EUR300m and of which EUR287m remains outstanding, to tender any or all of their notes for purchase by the offeror of cash. The offeror will pay a cash purchase price equal to EUR1016 per EUR1000 in principal amount of the notes validly tendered and accepted for purchase, plus any accrued and un... |
Cementos Molins signs EUR180m green loan06 December 2019, Published under Cement NewsSpanish cement producer Cementos Molins has signed a EUR180m green loan to refinance all of its domestic debt and extend its maturity by five years. The agreement includes one EUR40m loan and a EUR140m revolving credit facility, of which EUR50m are already available with the balance to be used for future projects. Agent bank and coordinator of the loan is Caixabank while Sabadell, BBVA, Santander and HSBC also granted the loan. The refinancing was reportedly closed at an interest rate ... |
EAPCC receives backing to sell land assets21 November 2018, Published under Cement NewsKenya’s East African Portland Cement Co (EAPCC) has received Trade Ministry backing to sell off idle land, which will help the company recoup some of the KES15bn (U$146.3m) it says it needs to avoid a complete shutdown of operations. Betty Maina of the Trade Ministry has said that a Cabinet memorandum is ready for submission to grant the company approval to sell off its assets. Ms Maina also noted that EAPCC, which has assets worth KES100bn, does not require a government bail-out for a tur... |
Unacem seeks loans of up to US$490m25 September 2018, Published under Cement NewsUnion Andina de Cementos SAA (UNACEM) plans to start talks with banks for up to US$490m in loans to refinance existing US$-denominated debt and other corporate purposes. The company is seeking US$50m from Citibank, US$45m from Banco Santander and local currency credit facilities for up to US$100m from Banco de Credito del Peru and Scotia Bank Peru, the Peruvian cement producer said in a recent stock exchange announcement. UNACEM posted a YoY flat consolidated EBITDA of PEN290m (US$87.5m)... |
ARM asks for time after missing bond payment10 July 2018, Published under Cement NewsThe Nairobi Securities Exchange-listed that the ARM Cement missed its June 2018 interest payment on a privately placed bond worth tens of millions of Kenyan shillings. The bond was issued in 2015 with the medium-term notes (MTN) maturing in November 2020 and expected to pay interest each June and December, according to the Business Daily. "We're asking our lenders to give us some time so that we can recapitalise the business, we're in negotiation for injection of between US$15m and US$20... |
State Bank of India may take five companies to NCLT14 March 2018, Published under Cement NewsBurnpur Cement and four Patni Group entities may be brought to the National Company Law Tribunal (NCLT) by the State Bank of India (SBI) for insolvency proceedings, according to The Economic Times. The Patni Group has defaulted on INR30bn (US$462.17m) of unpaid loans and dues, while Burnpur has defaulted on INR2.5bn. SBI has not commented on the allegations that it will take the borrowers to court. The bank currently accounts for the highest amount of gross non-performing assets in the cou... |