Cemex seeks to refinance some bank debt

Cemex said Wednesday it is negotiating with a number of banks to refinance part of its outstanding bank debt, saying hopes to finalise the pact by the end of October.

In a regulatory filing, the Mexican cement major said it is in advanced talks with a group of banks aimed at reaching a new agreement by 31 October 2014. Proceeds would be used to refinance part of an existing financing agreement with banks.

Cemex refinanced around US$15bn in bank debt during the 2009 global crisis, and in 2012, with around half of the amount left to pay, agreed to reschedule some US$6bn in 2014 principal payments to 2017.
Cemex has since lowered that further and owes around US$4.3bn under the agreement, which is due in 2017.