Cemex inks P15.2 billion loan deals

MANILA, Philippines — Cemex Holdings Philippines Inc. has executed loan facility agreements amounting to up to P15.2 billion.

The loans will have a tenor of seven years under a revolving framework with up to P12.7 billion for Solid Cement at an interest rate of 10.02 percent and up to P2.5 billion for Apo Cement  at an interest rate of 11.12 percent per annum.

The principal source of funding of these facility agreements will come from proceeds of the company’s stock rights offering.

Last January, Cemex completed its P12.8 billion stock rights offering.

Under the facility agreement, Solid Cement is permitted to apply the proceeds of the facility for the payment of its outstanding debt, for investments and  costs and expenses related to the construction of Solid’s new integrated cement line located in its existing plant in Antipolo, Rizal and for other general corporate purposes.

Cemex primarily sells gray ordinary Portland cement, masonry or mortar cement, blended cement and ready-mix concrete.

The company’s cement products are marketed and sold under the APO, Island and Rizal brand names. The Island and Rizal brands are sold in Luzon while the APO brand is sold in Visayas and Northern Mindanao.