North / South America
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.
Hanley Wood LLC, the premier media, event, information and strategic marketing services company serving the construction industry and the U.S. Green Building Council (USGBC) announced today a strategic partnership whereby Hanley Wood has acquired the Greenbuild International Conference and Expo. More
SMC to spend $750M for 3 cement plants. More