Cement News tagged under: Debt Reduction

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China Shanshui Cement top shareholder to fund bond redemption

19 November 2015, Published under Cement News

China Shanshui Cement's top shareholder, Tianrui Group, said it will provide funds to the cash-strapped firm to redeem a US$500m global bond, Reuters reports. "Tianrui Group shall cause Shanshui Cement to have sufficient funds in order to support the redemption of such 2020 Notes as required," China Tianrui Group said in a notice to the Hong Kong Stock Exchange late on Tuesday. China Shanshui is holding an extraordinary general meeting on 1 December to decide on certain changes in the...

Kenya: ARM seeks KES10.7bn in private bond

17 November 2015, Published under Cement News

ARM Cement is set to raise up to KES10.7bn (US$105m) in debt funding from private investors, to retire short-term debts, Kenya's Business Daily newspaper reported . The cement manufacturer is now raising the amount through a privately placed five-year bond whose offer opened on Thursday last week and runs until 2 December. “The proceeds from the five-year bond will be used to replace existing short term borrowings. There is no increase in total debt only refinancing existing short-term d...

Cemex says strong dollar may delay higher debt rating

10 November 2015, Published under Cement News

Mexican cement major Cemex said on Thursday that the strength of the US dollar could postpone the ability of the company to win back an investment grade debt rating, according to a report by Reuters. Cemex, burdened with a heavy debt load from its 2007 acquisition of Australia's Rinker, has been focusing on reducing debt in a bid to regain an investment-grade rating by 2018. "The question now is what to expect with respect to the strength of the dollar. If it stays like this, then getting ...

China: BBMG to issue CNY1bn medium term notes

09 October 2015, Published under Cement News

Cement producer and property developer BBMG Corporation announced that it will issue CNY1bn (US$157.6m) medium term notes on the interbank market on 14 October 2015 to be used to repay bank loans. The corporation said in a statement that the medium term notes will be issued at the face value, and the coupon rate determined in the process of bookbuilding. The issue may be redeemable on the fifth year, but, if it continues, there will be a new adjusted rate. Both value date and payment due d...

Cemex USA announces divestment in the southeastern United States

28 September 2015, Published under Cement News

Cemex USA announced Friday that it has signed an agreement for the sale of its gypsum wallboard business based in Florida to US LBM. The proceeds obtained from this transaction, which will not be for a material amount, will be used mainly by Cemex USA’s affiliates for debt reduction and for general corporate purposes. The transaction is expected to be completed by end-2015. Bank of America Merrill Lynch and Citigroup acted as financial advisors to Cemex in this transaction.

LafargeHolcim offer to pay down €1.75bn debt

08 September 2015, Published under Cement News

LafargeHolcim announced that they have offered to pay down EUR1.75bn worth bonds (average cost of 5.8 per cent) with an expiration date of 15 September. JP Morgan believe this should lower the annual interest cost by CHF423m and help the group in attaining a lower cost of debt. It further believes the company has the ability to further lower gross debt following the disposal of assets to CRH for EUR6.5bn.

UltraTech Cement seeks shareholders approval for NCD issue, India

03 August 2015, Published under Cement News

The board of UltraTech Cement Ltd has sought shareholder approval to raise up to INR90bn rupees via issue of non-convertible debentures (NCD) on a private placement basis, the company said in a release to the exchanges today. The proceeds from the NCD issue will be used to finance ongoing capital expenditure, repay existing loans or for general corporate purposes.

ARM Cement ratings affirmed, Kenya

09 June 2015, Published under Cement News

Global Credit Ratings has today affirmed the national scale ratings assigned to Kenyan cement producer ARM Cement Ltd of A(KE) and A1(KE) in the long term and short term respectively, with the outlook accorded as Stable. Summary rating rationale Global Credit Ratings (GCR) has accorded the above credit rating(s) to ARM Cement (ARM) based on the following key criteria: ARM is becoming an increasingly important player in the East African cement industry, with its market share having grown...

China Tianrui Group Cement Co to issue CNY500m unsecured short term bills

22 May 2015, Published under Cement News

China Tianrui Group Cement Co, a leading clinker and cement producer in Henan and Liaoning provinces, has announced that it will issue CNY500m (US$80.7m) unsecured short-term bills with a maturity of 366 days on the interbank market on May 26. The corporation said in a statement that the bills will be issued at the face value, and the coupon rate determined in the process of bookbuilding. Both value date and payment due date is set on 27 May, and the to-be-issued bills tradable on 28 May. ...

HeidelbergCement benefits from additional capacities

07 May 2015, Published under Cement News

HeidelbergCement's first quarter turnover improved by 12.4 per cent to EUR2,835m and the EBITDA improved by 45.9 per cent to EUR299m and the trading profit jumped 183 per cent to EUR115m. The net interest charge declined by 1.3 per cent to EUR158m and the pre-tax loss was reduced by 12.9 per cent to EUR101m and the net attributable loss declined by 16.3 per cent to EUR123m. Capital expenditure for the full year should be around EUR1200m, half of which would for expansion. Net debt at the ...