Chile's Cementos Bío Bío restructures Corpbanca and BCI loan

Chilean cement producer Cementos Bío Bío has reached a finance agreement with Corpbanca and BCI to restructure a loan taken out in August 2012.

The CLP120bn (US$206m) loan has a maturity of seven years and a two-year grace period. The loan will be repaid in 20 quarterly installments, starting 17 November 2016.

The debt restructuring is expected to enable the cement company to face a contraction in the cement market in an improved financial position.