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Cemex in Talks to Refinance $3bn in Bank Debt
September 22, 2023
Cemex is said to be in talks with banks to refinance $3bn of its bank debt. Bank debt is the largest amount of debt that will mature in the upcoming future for the company. The company is looking to roll over its entire banking facility and transform its maturity structure as it seeks to get an upgrade to investment grade (IG) levels by S&P. According to its CFO Maher Al-Haffar, the company will extend 100% of its revolving credit facility. The company is also considering issuing local currency bonds in order to take advantage of the strong peso.
Cemex dollar bonds were flat with its 5.125% Perp trading at 92.5 cents to the dollar, yielding 8.3%
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