Displaying items by tag: Loan
JSW Cement takes US$50m sustainability-linked loan
12 June 2023India: JSW Cement has signed a US$50m sustainability-linked loan agreement with BNP Paribas Singapore. The Hindu BusinessLine newspaper has reported that the producer plans to use the funds for capital expenditure projects aimed to more than double its production capacity to 50Mt/yr from 17Mt/yr. Current plans include US$388m in investments in the construction of a 2.5Mt/yr integrated cement plant in Madhya Pradesh and a 2.5Mt/yr grinding plant in Uttar Pradesh.
The latest loan from BNP Paribas is the second of its kind taken by the group, following a US$48.5m sustainability-linked loan from Japan-based MUFG Bank in October 2022.
BUA Cement takes US$500m loan for expansion plans
06 June 2023Nigeria: BUA Cement has secures a new loan worth US$500m from the International Finance Corporation (IFC). The producer informed the Nigerian Exchange (NGX) that it plans to use the fund for capital expenditure (CAPEX) investments in new projects.
India: Adani Group repaid loans worth a total of US$2.65bn on 6 June 2023, with a total interest payment of US$700m. Accord Fintech News has reported that the sum includes prepayment of loans worth US$700m used to acquire Holcim India, alongside other loans. This completes the group's prepayment of loans taken for the acquisition, which it completed in September 2022.
Bangladesh: Premier Cement Mills plans to install a new vertical roller mill at its West Mukterpur cement plant in Munshiganj. For this purpose, it secured a US$32.7m long-term loan from state-owned Infrastructure Development Company Limited (IDCOL). The New Nation newspaper has reported that IDCOL focuses on financing projects to increase energy efficiency, alongside the development of renewable energy.
Jaiprakash Associates defaults on US$482m debt
10 May 2023India: Jaiprakash Associates has defaulted on loans worth US$482m, which were due for repayment on 30 April 2023. The producer has total borrowings of US$3.57bn, repayable by 2037. It informed the National Stock Exchange of India (NSE) that the outstanding debt is subject to on-going restructuring, but will reduce by US$2.21bn upon transfer of property belonging to Jaiprakash Associates to a shareholder-approved special purpose vehicle (SPV).
Congo: Antoine Thomas Nicéphore Fylla Saint Eudes, the Minister of Industrial Development and Private Sector Promotion, has visited the construction site of the Tao-Tao cement plant in Niari department. Accompanying the minister were the local prefect of the region and a representative of the Indian embassy, according to Les Dépêches de Brazzaville newspaper. The unit is a joint-project between the local and Indian-governments. A loan for the project with the Export-Import Bank of India was signed in 2015.
The plant will have a production capacity of 0.6Mt/yr once complete. Operation is currently planned to start in 2014. Promac is reportedly carrying out the construction work. The Republic of the Congo currently has two operational integrated cement plants, run by Dangote Cement and Société Nouvelle de Ciment du Congo (SONOCC) respectively, and a grinding plant managed by Ciments de l'Afrique (CIMAF).
Indonesia: Semen Indonesia subsidiary Semen Baturaja has obtained four loans worth a total US$59.9m. Bank Negara Indonesia, Bank Mandiri, Bank CIMB Niaga and HSBC Indonesia advanced the funds. The loans' syndicated credit agreement aligns with Semen Baturaja's sustainability strategy, which is based on Semen Indonesia's Sustainability Framework.
Semen Baturaja's managing director Daconi Khotob said "This syndicated sustainability-linked loan will provide many benefits for Semen Baturaja, including lower interest rates than conventional loans, more attractive term sheets and the flexibility to make accelerated repayments." Khotob added that the sustainability provisions will also 'broaden the scope of investors.'
Finland: VTT Technical Research Centre subsidiary Carbonaide has concluded its seed funding round, having raised funds worth Euro1.8m. Lakan Betoni, which produces precast and ready-mix concrete, led the funding, along with utilities provider Vantaa Energy. Carbonaide will use the funds to build an industrial pilot plant for its carbon neutral precast concrete product at an existing precast concrete plant in Hollola. The plant will bind captured CO2 in the product at atmospheric pressure. The process generates 50% lower CO2 emissions than precast concrete production using ordinary Portland cement (OPC). Suitable raw materials include ground granulated blast furnace slag (GGBFS), green liquor dregs and bio-ash. In trial production, the use of GGBFS gave Carbonaide's concrete a negative carbon footprint of -60kg/m3.
Other sources of loans and in-kind contributions included Finnish state innovation fund Business Finland.
India: Adani Group is rumoured to have entered negotiations to extend the repayment duration of its US$4bn loan for the acquisition of Holcim's Indian business. The group secured the funds in August 2022. The Economic Times newspaper has reported that the group is seeking to extend the duration of its repayments from 18 months to at least five years. It is reportedly also seeking a similar extension for a parallel US$1bn mezzanine loan tranche.
Adani Group described the rumour as 'incorrect.'
Najran Cement obtains US$22.6m loan
14 March 2023Saudi Arabia: Najran Cement has signed a deal for a US$85m six-year financing facility from Al Rajhi Bank. The producer says that its logistics unit will use the funds 'to endorse its core business activities.'