Cement News tagged under: finance
S&P upgrades Cemex to BB26 September 2017, Published under Cement NewsCemex SAB de CV announced that S&P Global Ratings upgraded its corporate credit rating in its global scale to BB from BB-. According to S&P, the upgrade reflects the continued improvement of Cemex's financial performance and leverage metrics during 2017, fuelled by a faster-than-expected completion of the asset divestment plan, the early conversion of part of the optional convertible notes due March 2018, and a generally favourable business conditions in its main markets. In addition, S&P... |
CRH plc establishes a euro commercial paper programme31 July 2017, Published under Cement NewsCRH plc has announced it has established a euro commercial paper (ECP) programme, under which its wholly-owned subsidiaries CRH Finance DAC and CRH France (UK) plc may issue from time to time unsecured short-term euro commercial paper notes through appointed dealers up to a maximum aggregate amount outstanding at any time of EUR1.5bn. The notes will be guaranteed by CRH plc and sold to investors outside the US. The programme adds flexibility to the company’s short-term funding options and... |
BOAD grants CIMAF Burkina Faso finance05 July 2017, Published under Cement NewsThe West African Development Bank (BOAD) has granted XOF6bn (US$10.3m) to Morocco’s Cimenteries de l'Afrique Burkina Faso (CIMAF) for the partial financing of the import of raw materials for cement production. Following the commissioning of a plant in Ouagadougo in 2015, CIMAF is building a 0.7Mta grinding plant in Bobo-Dioulasso, reflecting an investment of XOF20bn. The first cement is expected in June 2018. In addition, the company has also undertaken to double capacity at the Ouag... |
Semen Indonesia plans to raise IDR3tn from bond sale16 May 2017, Published under Cement NewsSemen Indonesia has announced a plan to raise IDR3trn (US$225.6m) from a bond sale to refinance debt of its subsidiary PT Semen Tonasa and increase working capital, according to local press reports. The bond, with a five-year tenure and eight per cent to 8.8 per cent annual coupon rate, is the first tranche of its planned bond issuance under the shelf registered scheme totalling IDR8trn in the next few years. "With the optimism that the economy will be better in 2018, we have decided t... |
US$55m loan for new Congo cement plant28 February 2017, Published under Cement NewsThe Republic of Congo and the Export-Import Bank of India have signed an agreement for a US$55m loan to finance a new cement plant in Mafoubou/Tao Tao village in the Niari department with a term of three years. The loan is payable over 25 years with a five-year grace period and at an interest rate of 1.75 per cent. Three Indian companies have already bid for the tender launched by the Indian bank. However, details about the new plant have not been disclosed. |
Chile: Cemento Polpaico to pay US$14.6m in back-taxes03 September 2015, Published under Cement NewsCemento Polpaico reported that the Chilean tax office (SII) has ordered the cement producer to pay U$14.6m in back-taxes for the years 2012 and 2013. Liquidations have led to US$7.2m outstanding with the country’s revenue authorities, with adjustments, interest and fines by SII increasing the amount payable to US$14.6m. Polpaico indicated that it believes the adjustments are unfounded and incorrect and is expected to complain to the relevant tax authorities. |
Baturaja to part-finance new plant with bank loan24 November 2014, Published under Cement NewsIndonesia’s state-controlled cement producer PT Semen Baturaja plans to get IDR700-800bn (US$57.7-65.9m) in bank loans to finance its new IDR2.9tn plant in South Sumatra. The company intends to start construction of the 1.85Mta plant early next year with commissioning scheduled for 2018. In 9M14, Semen Baturaja posted sales of 853,089t and the company forecasts volumes of 1.31Mt for the year, up four per cent YoY. |
Saudi Arabia's cement industry looks forward to good times07 April 2014, Published under Cement NewsSaudi Arabia's cement companies are preparing for long-term cement demand growth as they expand their capacity. However, for some such as Yanbu Cement, the past quarter has seen earnings contract. NBK Capital raised Yamama Cement’s share value from SAR52.50 (US$14.00) to SAR54.42. Several new megaprojects are scheduled to come online, which are expected to drive longer-term cement demand. In addition, cement demand had been heavily focussed towards the Western Region in the past two years... |
Saudi’s Al Jouf signs US$106.7m loan with Al Rajhi Bank01 October 2013, Published under Cement NewsSaudi cement producer and trader Al Jouf Cement has signed an agreement with the country’s largest Islamic bank Al Rajhi Bank for a SAR400m (US$106.7m) loan to partially finance the construction of a second production line. The loan is to be repaid by June 2019. At present, the company has a production capacity of 1.75Mta. |
Cemex: August '1203 September 2012, Published under Cement NewsCemex agreed to a new deal with its creditors to postpone debt payments and is considering new asset sales as part its US$7.25bn refinancing programme. The refinancing deal includes a debt swap, a US$1bn prepayment and revised financial covenants, giving the company extra time to prevent a financing crunch in 2014 by pushing maturities to 2017. The debt swap will exchange US$500m worth of debt for new, 9.5 percent senior secured notes that mature in 2018, adding that the new instrumen... |