Caribbean Cement secures loan to pay US$ debt

Jamaica's Caribbean Cement Co Ltd and its mining subsidiary have secured a five-year JMD3bn (US$23.53m) loan from National Commercial Bank Jamaica to pay back a US dollar debt. The amount will be repaid in Jamaican dollars at a rate of 7.45 per cent per annum.

The company also has stated that some of the funds will be used for general corporate purposes, according to The Gleaner. Its mining subsidiary, Jamaica Gypsum and Quarries Ltd, a borrowing partner of the loan, is also about to expand its gypsum and limestone operations. However, it is unknown whether the funds will be used for that purpose as well.