Cement News tagged under: Debt Restructuring
ACC to restructure existing debt05 December 2018, Published under Cement NewsEgypt’s Arabian Cement Co plans to restructure its existing US$23m and EGP499.3m outstanding debts due to one of the country’s banks, through a syndicated loan from the European Bank for Reconstruction and Development (EBRD) and the Commercial International Bank of Egypt (CIB). The package will support the company’s long-term strategy to improve the energy efficiency and cost-effectiveness of its operations, according to a press release. As the new debt level is more comfortable, it is exp... |
PPC25 January 2018, Published under Cement NewsPPC has rescheduled the debt related to its new cement plant in the Democratic Republic of Congo, PPC Barnet DRC, improving the group’s liquidity position. The new works is 69 per cent-owned by PPC, with a further 21 per cent stake held by local partner, Barnet Group, and 10 per cent by International Finance Corporation (IFC). PPC has successfully finalised a two-year capital repayment moratorium with IFC resulting in total capital requirements for PPC Barnet DRC being limited to interest... |
PPC improves liquidity position22 January 2018, Published under Cement NewsPPC has rescheduled the debt related to its new plant in the Democratic Republic of Congo, improving its liquidity position. The South Africa-based cement producer has also secured a two-year capital repayment moratorium. As a result, the total capital requirements for PPC Barnet DRC would be limited to interest payments from this month up to January 2020. PPC has a 69 per cent stake in PPC Barnet DRC, a joint venture with Barnet Group, which has a 21 per cent shareholding, and the In... |
Elementia restructures debt with new seven-year loan05 December 2017, Published under Cement NewsElementia, SAB de CV has announced that it obtained a loan from Citi Banamex for MXN925m (US$49.6m) over a seven-year term, with payments beginning in the first half of 2020, given its two-year grace period. The financial restructuring is part of its strategy to strengthen its balance sheet and maintain its profitable growth. The loan successfully concludes the company's commitment, as announced in 2016, of exchanging short-term for long-term debt during 2017. The proceeds will be used to... |
Kenya: East African Portland Cement to lay off two-thirds of workforce18 November 2016, Published under Cement NewsIn a restructuring plan unveiled this week, East African Portland Cement (EAPC) has said it will lay off more than 1000 of its more than 1500 workers, reducing the firm’s headcount to just 500, the Daily Nation reports. “We are overly overstaffed with our employee numbers at over 1500 and close to 2000. By benchmarking with the rest of the industry we need only 500,” said Bill Lay, EAPC’s chairman. The company, which made an operational loss of KES1.6bn (US$15.7m) in the last financial... |
South Africa: PPC lines up banks for rights issue28 June 2016, Published under Cement NewsSouth African’s largest producer, PPC, has announced that it has come to an agreement with four banks to underwrite its proposed ZAR4bn (US$260m) rights issue, Reuters Africa reports. The Standard Bank of South Africa Limited, Nedbank Limited, Absa Bank Limited and FirstRand Bank have been appointed to oversee the offer process, with Standard Bank also taking the role of global co-ordinator. An extraordinary general meeting is expected to be convened on or around 27 July 2016 to approv... |
Sberbank and Eurocement agree debt restructuring deal16 March 2016, Published under Cement NewsRussia's leading cement producer, Eurocement group, and Sberbank CIB have agreed on conditions for restructuring the company’s loan portfolio. The deal envisages pushing back loan repayments worth RUB42bn (US$597.8m) and US$360m by up to six years and optimisation of interest rates. The conditions for restructuring the debt portfolio will enable Eurocement group to take a more flexible approach to financing its operational activities and help it achieve strategic goals. "Sberbank C... |
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