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| Cemex makes progress in its refinancing plan Mexico's Cemex, the world's third-biggest cement maker, announced that it has made significant progress towards extending debt maturities originally scheduled for 2009. Cemex had previously communicated that it had selected five banks to coordinate a global effort to i) negotiate new long-term syndicated bilateral facilities to replace existing short-term bilateral facilities, ii) extend the maturity by one year of a portion of the US$3.0 billion Rinker acquisition syndicated loan facility due in December 2009 and iii) amend the leverage ratio covenant, among other conditions, of certain existing syndicated loan facilities. For each of the initiatives described above, Cemex has as of today made the following progress: 1. Received confirmation from the creditors to refinance close to US$2.2 billion in bank loans maturing throughout 2009 and early 2010. The final maturity for the amounts refinanced will be February 2011. 2. Received confirmation from the creditors that intend to extend close to US$1.5 billion of the US$3.0 billion syndicated loan facility due in December of 2009. 3. The necessary consent of the relevant bank lenders to amend, among other conditions, the leverage ratio covenant in our existing syndicated loan facilities, as communicated on December 15, 2008, was duly executed on December 19, 2008. write your comments about the article :: © 2008 Construction News :: home page |