Cemex delays loan payments

Cemex delays loan payments

Loans Corporate & Sovereign Strategy Debt Mexico

Mexico's Cemex said it has added three years to $1.1bn in loans that were previously due in July 2020 and January 2021.

Now the cement maker does not have to make any "relevant" debt payments until July 2021, other than $521m in 3.72% bonds due in March 2020, the cement maker said in a statement.

Cemex signed a $1.35bn loan with nine lenders in October 2014, but it paid off $373m and converted $664m into a revolving credit facility in 2017. It also signed a $4.05bn debt package with 20 banks in July 2017 to pay off debt.

The company has outlined $2bn of asset sales to lower debt by the end of 2020. It sold its white cement business in Europe for $180m and its aggregates and ready-mix subsidiaries in Germany for €87m ($97.5m) in March as well as facilities in Latvia, Lithuania and Estonia for €340m in February.

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