Cement News tagged under: finance

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Cemex amends consolidated financial leverage limits

26 May 2020, Published under Cement News

As part of a strategy to respond to the effects of the coronavirus pandemic, Cemex has amended its main banking contract to modify the limits of its consolidated financial leverage. Its leverage limit will increase to 6.75x by June 2020 and to 7.00x from September 2020 to March 2021, before decreasing again at a later date. "At the end of the first quarter of 2020, Cemex reported a consolidated financial leverage ratio of 4.40x," said the company.

HeidelbergCement issues Eurobond with a volume of EUR650m

03 April 2020, Published under Cement News

HeidelbergCement priced a Eurobond issue (ISIN XS2154336338) under its EUR10bn EMTN programme with an issuance volume of EUR650m and a maturity date of 9 October 2024. The proceeds of the transaction will be used for general corporate purposes and the refinancing of upcoming maturities. The 4.5-year bond bears a fixed coupon of 2.500 per cent annually. The issue price is at 99.605 per cent, resulting in a yield to maturity of 2.596 per cent. "With the successful placing of the bond, Heidel...

CRH continues share buy-back

29 April 2019, Published under Cement News

CRH plans to repurchase EUR350m (US$390.6m) of ordinary shares between 29 April and 16 August 2019, according to a company statement. Under the terms of the buyback, ordinary shares will be repurchased on the London Stock Exchange and/or Euronext Dublin. CRH has entered into non-discretionary instructions with J&E Davy to conduct the transaction on its behalf and to make trading decisions under the buy-back independently of CRH in accordance with certain preset parameters. With the buy-ba...

PT Semen Indonesia

31 January 2019, Published under Cement News

Semen Indonesia has instructed BNP Paribas, Deutsche Bank’s Singapore branch, Maybank, MUFG Bank and Standard Chartered as the lead arrangers for a US$1.28bn, two-year bridge loan to support its acquisition of Holcim Indonesia. Semen Indonesia will take over 6.18m shares in Holcim Indonesia for a total cost of around US$940m. The deal includes four cement plants, 33 ready-mix plants and two aggregate quarries, giving Semen Indonesia an additional 14.8Mta of cement capacity, 10.45Mta of cl...

Semen Indonesia mandates 5 banks for US$1.3bn bridge loan

03 December 2018, Published under Cement News

Semen Indonesia has mandated five banks for a US$1.282bn bridge loan to support its acquisition of the local unit of LafargeHolcim. BNP Paribas, Deutsche Bank’s Singapore branch, Maybank, MUFG Bank and Standard Chartered are the lead arrangers and bookrunners for the two-year loan, which will be launched into syndication in 2-3 weeks, according to a company announcement. The borrower agreed to acquire 80.6 per cent of Holcim Indonesia, one of the country’s largest cement producers from L...

Cementos Argos

30 October 2018, Published under Cement News

Cementos Argos has concluded its syndication of a five-year US$600m bank loan, according to reports in Latin Finance. Fourteen lenders have got involved, across four tiers. Tier one is made up of Panamanian foreign trade bank, Baldex; Japanese bank, MUFG; Japan’s Sumitomo Mitsui Banking Corporation (SMBC); Japan-based Mizuho Bank Ltd; and Canada’s Scotiabank. The second tier comprises Colombia’s Banco de Bogotá; French corporate investment bank, Natixis; and Santander. The third tier incl...

CRH completes Phase 2 of share buy-back

22 October 2018, Published under Cement News

CRH has completed the second phase of its share buy-back programme, returning a further EUR350m of cash to its shareholders. Between 29 August and 18 October, 12.5m ordinary shares were repurchased on the London Stock Exchange and Euronext Dublin at an average discount of 1.3 per cent to the volume weighted average price over the period. This brings total cash returned to shareholders under the ongoing EUR1bn share buy-back programme to around EUR700m. "The remaining portion of our buy...

Unacem seeks loans of up to US$490m

25 September 2018, Published under Cement News

Union 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)...

Cemex would have investment grade until 2020

19 September 2018, Published under Cement News

The strategy to reduce the leverage level would allow Cemex to recover its investment grade in the first part of 2020, according to Citibanamex projections. "We expect the company to end 2018 and 2019 with a net debt/EBITDA ratio of 3.8 and 3.1 times, respectively. For the first half of 2020 the indicator would reach 3.0 times, excluding the sale of assets,” explains an analysis of the financial institution. However, the sale of assets would accelerate the process to obtain the investme...

Cementos Argos

28 June 2018, Published under Cement News

This week saw Cementos Argos place ordinary bonds for COP500bn (US$169.7m). The issue had demands for COP725bn, representing an over demand of 1.81 times for the amount offered, which was initially COP400bn. According to the company, the move will enable Cementos Argos to replace financial liabilities in its debt management strategy. The issue has a half-life of 9.5 years. “We appreciate the market’s response, confidence in the company and its strategy. This issuance allows us greater fin...