Cement News tagged under: Debt
Spain: FCC refinances Portland Valderrivas debt14 July 2016, Published under Cement NewsIn the restructuring of the group, Spain’s FCC plans to refinance the syndicated debt of Cementos Portland Valderrivas (CPV), in which it owns a 77.9 per cent stake. Funds from FCC’s capital increase will be used to write of EUR325m of EUR823m of the total amount. CPV will then refinance the outstanding EUR500m over a period of five years. The refinancing will also enable the Spanish cement producer to obtain a reduction in interest rate from 4.5 per cent (Euribor) to 3.5 per cent. Key cr... |
Vietnam offers support for state-owned cement firms12 July 2016, Published under Cement NewsAccording to figures released by the Ministry of Finance, the Vietnamese government is providing restructuring loans to unprofitable state-owned cement firms, VietNamNet Bridge reports. Firms, including Song Thao, Thai Nguyen and Ha Long, are being supplied with cash in an effort to prepare the cement sector for part-privatisation. Already, some plants have been transferred to Vicem from other state-owned enterprises (SOEs) and the government is understood to want to begin the sell-off, p... |
Cemex offers to buy back up to $400 mln in debt26 April 2016, Published under Cement NewsCemex, Mexico, said on Monday it had launched an offer to buy back up to US$400mn of debt on senior note issues due to mature in 2018, 2019 and 2022. The company said in a statement the offer was for its 2018 floating rate notes, its 2019 notes bearing a 6.5 percent coupon and the 9.375 percent notes falling due in 2022. However, Cemex noted it would not buy back more than US$150mn of the 2022 debt. |
Sanghi exits corporate debt restructuring04 April 2016, Published under Cement NewsIndia's Sanghi Industries announced it had exited from the corporate debt restructuring (CDR) mechanism and repaid its INR2.56bn debt as well as raised funding via non-convertible debentures of INR2.56bn as additional capex. The company said it plans to raise its capacity to 4Mta in time. The expansion plans require INR11bn in financing and at present Sanghi is considering several options to raise funds, according to company director, Bina Engineer. He expects financing to be completed in ... |
China Shanshui Cement defaults on CNY1.8bn bond25 January 2016, Published under Cement NewsChina Shanshui has defaulted on a CNY1.8bn three-year bond carrying an annual interest rate of 5.4 per cent that matured on Thursday, the South China Morning Post reports. The development has pushed China Shanshui, closer to bankruptcy, as its earlier debt default triggered multiple lawsuits from creditors that have already seen some of its assets frozen or put into impending auctioning. "The underlying cause of Shandong Shanshui's debt problems is unresolved disputes over shareholders' co... |
Plans to convert Binani Cement debt into equity09 November 2015, Published under Cement NewsLenders to India’s Binani Cement are planning to convert a total debt of INR30bn in the company to equity. The debt-to-equity conversion is being contemplated under the strategic debt restructuring (SDR) guidelines of the Reserve Bank of India (RBI). The consortium of 18 banks led by the Central Bank of India are looking at converting the debt to equity, giving lenders a majority stake. "The banks are contemplating whether they should first try and turn around the company," a banker told ... |
PPC to ease expansion, focus on existing projects23 April 2015, Published under Cement NewsPPC said it will expand more slowly after spending on its 'Rest of Africa' projects has raised its debt load, the company's chief executive said on Wednesday. PPC is building plants in African countries as part of a wider plan to generate 40 per cent of its sales outside its home market by 2017. However, spending on these projects is pushing up its debt levels and CEO Darryll Castle said PPC's debt would likely hit as much as ZAR12bn (US$982m) in the next two years and possibly breach agree... |
Challenging year in store for Holcim Indonesia?11 March 2015, Published under Cement NewsHolcim Indonesia will be challenged by tighter competition and high debt levels that could spike costs this year, according to a report by Bahana Securities has said after the cement producer announced 30 per cent lower profits last year. Indonesia's third-largest cement producer saw its net profit plunge to IDR668.35bn (US$50.69m) in 2014 from IDR952.11bn in 2013, as costs soared, despite an increase in revenues which were up 8.67 per cent YoY. However, the rise in revenues was could not... |
Cemex enters new US$1.35bn credit agreement01 October 2014, Published under Cement NewsCemex SAB de CV announced it entered a new credit agreement for US$1.35bn with nine of the main lending banks from its Facilities Agreement of 17 September 2012. The new agreement’s main terms include an average four-year term with equal semi-annual payments of principal of 20 per cent each, with a three-year grace period and September 2019 as the last payment date. In addition, there will be a spread over LIBOR of 250-375 basis points, depending on the level of leverage of the company, an... |
Indebted CPV outlines debt refinancing plan, Spain08 September 2014, Published under Cement NewsCementos Portland Valderrivas (CPV), the leading cement producer in Spain with operations in North America and Tunisia, has released a statement outlining its plans to refinance a total of EUR969m debt, according to a report in Estrategia de Inversion (Spain). In the short term, the company is struggling to keep on top of maturing debt and was forced to release a statement confirming that it had received "unanimous agreement of all creditors to extend the maturity of EUR50m maturing on 30 J... |