Cemex Repours Covenants

Cemex Repours Covenants

Mexico Equity Bonds Corporate & Sovereign Strategy M&A

Following the announcement of its fourth straight quarterly loss, Cemex has asked to rework bond covenants. The cement maker announced that it has agreed to pay a 25bp fee in order to make the changes, and will pay 100bp if it does not raise $1bn in equity or equity-linked securities by the end of 2011. In return, Cemex gets to reset its maximum consolidated leverage ratio to 7.75x 12-month trailing Ebitda through June 2011, decreasing gradually to 4.25x by year-end 2013. Previously it was to be

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