Cemex increases new bank loan to $1.87bn

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Updated Wed, 12 Nov 2014 16:33:21 GMT

Cemex has revealed that it has received US$515 million of commitments from banks that have agreed to join the credit agreement entered into on 30 September, 2014.

Following the completion of customary closing conditions, the banks that provided the new commitments will accede the Credit Agreement as additional lenders, increasing the total amount of the Credit Agreement from $1.35 billion to $1.87 billion.

The incremental amount raised will be applied to partially prepay the Facilities Agreement dated 17 September 17, 2012 and to pay other debt.

After the prepayment of the Facilities Agreement, the remaining outstanding amount under this facility will be reduced to approximately $2.05 billion, scheduled to mature in 2017.