Cement News tagged under: Debt refinancing

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TCL poised for new loan syndication

28 May 2015, Published under Cement News

Trinidad 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...

Holcim Indonesia seeks IDR2.5trn loans for refinancing

21 May 2015, Published under Cement News

Holcim Indonesia is looking for IDR2.5trn (US$189.59m) in loans to refinance its maturing debts and wants to replace foreign-denominated debt to ease the currency burden, according to reports in the Jakara Post. Kent Carson, Holcim Indonesia CFO, aid that the company, expected to have a new loan facility in place in June, either in the form of syndication or a bilateral facility from a mix of local and foreign lenders with a maturity period between three and five years. There will be some...

TCL restructures debt, names new CEO

18 May 2015, Published under Cement News

Trinidad 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 ...

Najran to meet investors for riyal sukuk issue

08 May 2015, Published under Cement News

Saudi Arabia-based Najran Cement plans to meet fixed income investors starting on Sunday for a riyal-denominated sukuk issue, the company said yesterday. Najran has appointed Saudi Fransi Capital as sole lead manager, the firm said in stock market filing. Proceeds from the issue will be used to refinance debt and for general corporate purposes. Najran did not provide details of the tenor and size of the issue.

Cementos Argos may refinance short-term debt in 2015, Fitch

28 January 2015, Published under Cement News

The majority of Cementos Argos’ short-term debts due in 2015 are expected to be refinanced, according to an analysis of Colombian cement firm by Fitch Ratings. This move is anticipated due to the pressure on free cash flow during 2014 that was caused by the firm's aggressive acquisition programme, while the ratings agency believes that the business's liquidity is adequate and its funds from operations are stable. Cementos Argos has available credit worth COP2.20tn (US$922.43m), as well...

Fitch upgrades GCC’s ratings, outlook to stable

23 January 2015, Published under Cement News

Fitch has raised the credit rating of Mexican cement firm Grupo Cementos de Chihuahua (GCC) to BB-, in both local and foreign currency, with a stable outlook. Fitch said in a statement that ratings upgrade reflects GCC's strong operating performance over the past several quarters, its significantly improved credit profile following debt repayments during 2014 and the successful debt refinancing during 2013. The upgrade takes into consideration the improvement in the US cement market and an ...

Belarusian government to acquire additional shares

07 January 2015, Published under Cement News

The Belarusian government will acquire additional stakes in three cement companies in exchange for helping them to repay loans to China’s EximBank. The Council of Ministers has issued a directive that provides for the restructuring of overdue debts to the bank incurred by Belarussian Cement Plant, Krychawtsementnashyfer and Krasnaselskbudmateryyaly as of 1 October 2014. The three cement producers will receive the bailout on condition that they meet their profitability of sales targets f...

PT Holcim Indonesia secures loans from Bank Sumitomo

03 November 2014, Published under Cement News

PT Holcim Indonesia Tbk said it secured loans worth IDR1trn (US$82.54m) from PT Bank Sumitomo Mitsui Indonesia, to refinance loans to its holding, Holderfin BV The Netherlands, and other financing firms. The company's total debt to its holding company reached IDR1.25trn.