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News Breaks | | | | June 25, 2012 | | 12:26 EDT |  | CX | CEMEX up over 4% after announcing refinancing proposal
CEMEX announced that it has scheduled meetings on June 29 and July 2 with the full syndicate of lenders under its financing agreement, dated August 14, 2009, as amended, to outline a refinancing proposal. Such proposal has been discussed and negotiated with a number of CEMEX's banks, which hold approximately 50% of the outstanding balance under the financing agreement. Some of the key elements of the refinancing proposal for lenders who elect to participate are as follows: a three-year extension of the maturity—from February 2014 to February 2017; an up-front fee and revised margin; a $1B pay down in 2013; an enhanced guarantor package; and revised operational and financial covenants. At mid-day, shares of CEMEX are up 4% to $5.94. | |
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