Cemex has announced that the collateral that guarantees Cemex's debt under its main bank agreement and its senior secured notes have been released.
Under Cemex's Facilities Agreement of July 2017, the release of collateral was automatically triggered after Cemex previously reported two consecutive quarters with a consolidated leverage ratio of 3.75x or less.
“We are very pleased with this momentous milestone which is a culmination of the substantial strengthening of our capital structure and paves the way towards an investment grade rating. This will simplify our debt structure and reduce teh cost of managing our debt stack,” said Maher A-Haffar, Cemex CFO.
