When its sales collapsed in the wake of the financial crisis,
Cemex paid a high price. Its bond issues had to offer high
single-digit yields amid concern over the firm’s
ability to meet its debt covenants.
Best Corporates: A new era
A successful restructuring behind it, Cemex is focusing on cutting debt costs while it can
But now, with a multi-billion dollar restructuring behind
it, the company has finally made progress in bringing down its
once crippling interest payments. And today, it boasts the
much-needed flexibility to cut its debt costs further.
Cemex restructured $15 billion of bank borrowings in 2009,
and has used liability management exercises in the years since
to lengthen its maturity profile. In 2012, it met a high
take-up on a liability management exercise to extend the...
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