Cemex Holdings Philippines said it has signed a seven-year revolving facility with its units Solid Cement Corp. and APO Cement Corp. for the latter two’s financing needs, using the proceeds of the recent P12.77-billion stock rights offering.
The company said Solid Cement signed for a P12.725-billion facility with interest rate of 10.02 percent, maturing March 3, 2027.
APO Cement signed for P2.54 billion with interest rate of 11.12 percent, and with the same maturity.
“Under the facility agreement with Solid Cement, Solid Cement is permitted to apply the proceeds of the facility for the payment of its outstanding debt owing to Cemex Asia BV, for investments, costs and expenses related to the construction of Solid’s new integrated cement line in Antipolo, Rizal, and for other general corporate purposes,” Cemex said.
The facility agreement with APO Cement allows the unit to “apply the proceeds of the facility for the payment of its outstanding debt owing to Cemex Asia BV, and for other general corporate purposes,” Cemex also said.
In January, Cemex raised funds through the issuance of 8.29 billion shares to existing Cemex shareholders at a price of P1.54 per share.
