Latest News

CEMEX to launch a refinancing proposal

Jun, 26 2012

(Mexico) -- CEMEX S.A.B. de C.V. announced today that it has scheduled meetings on June 29 and July 2 with the full syndicate of lenders under its financing agreement, dated August 14, 2009, as amended, to outline a refinancing proposal. Such proposal has been discussed and negotiated with a number of CEMEX's banks, which hold approximately 50% of the outstanding balance under the financing agreement.

Some of the key elements of the refinancing proposal for lenders who elect to participate are as follows:

-- a three-year extension of the maturity--from February 2014 to February 2017;

-- an up-front fee and revised margin;

-- a US$1 billion pay down in 2013;

-- an enhanced guarantor package; and

-- revised operational and financial covenants.

CEMEX expects that sources to make the 2013 pay down may include select asset sales.

Execution of the refinancing proposal will be subject to a number of conditions, including a minimum participation threshold.


Source:

Follow @AggResearch