Solid Cement borrows US$75m from related company

Solid Cement, an operating subsidiary of Cemex Holdings Philippines, is borrowing US$75m of subordinated revolving credit from Cemex Asia. The money will be used to refinance existing debt, alongside funding the construction and installation of the new 1.5Mta line at the company’s Antipolo facility.

Solid Cement has made an initial drawdown on this facility equivalent to approximately US$40.7m, according to the Manila Bulletin. The company has also entered into the principal project agreements with China’s CBMI Construction Co for the procurement, construction and installation of the project.