Cemex SAB is in talks with banks to refinance its $3 billion credit facility.
The largest cement maker in the Americas is proactively managing its liabilities, the company’s Chief Executive Officer Fernando Gonzalez and Chief Financial Officer Maher Al-Haffar said in an interview. The company has been seeking to raise its debt rating to investment grade after S&P Global Inc cut it to junk in 2009.
The revolving credit facility will probably be extended a hundred percent, he added. Debt with banks stood at $3 billion at the end of June. “The dynamics might get sort of complex because we increase prices according to inflation in pesos,” Gonzalez added. If the peso appreciates further “then prices in dollar terms are going to be huge.”
In August, S&P wrote that it saw the possibility to upgrade Cemex’s credit rating within the next six to 12 months if the company continues to expand profit margins while keeping its financial discipline.Cemex is also considering issuing local currency bonds known as Certificados Bursatiles , Al-Haffar said. The last time the company sold debt denominated in pesos was in 2011, according to data compiled by Bloomberg.
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