CEMEX S.A.B. de C.V. (“CEMEX”) (NYSE: CX) announced today 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 US$1 billion pay down in 2013;
- an enhanced guarantor package; and
- revised operational and financial covenants.