Cement manufacturer Cemex Holdings Philippines Inc. said Wednesday it secured a $280-million term loan facility from BDO Unibank Inc. to refinance debt.
Cemex Holdings said in a disclosure to the stock exchange it signed a senior unsecured peso term loan facility agreement with BDO Unibank for the peso equivalent of $280 million to refinance a majority of the outstanding long-term loan with New Sunward Holding B.V., a related company.
The seven-year term loan consists of a fixed-rate and a floating rate tranche.
“We are pleased to secure this long-term peso loan with BDO Unibank Inc.,” said Cemex Holdings president Pedro Palomino.
“We are confident that this endeavor underscores the strength of our operations, as we seek ways to further solidify our business position and improve our capital structure,” Palomino said.
BDO Capital & Investment Corp. was the sole structuring agent and sole mandated underwriter for the refinancing.
BDO Capital was also the sole domestic underwriter for Cemex Holdings’ P25.1 billion initial public offering in 2016.
“This deal is a testament to our continued solid support of CHP’s business and positive long-term outlook for CHP’s prospects. We believe that the financing structure that we’ve put in place further strengthens the financial position of CHP,” BDO Capital president Eduardo Francisco.
Cemex Holdings is one of the leading cement producers in the Philippines based on installed annual capacity.
It produces and markets cement and cement products, such as ready-mix concrete and clinker, in the Philippines through direct sales using its extensive marine and land distribution network.
