Displaying items by tag: Loan

South Africa: PPC says that it has extended existing short-term banking facilities with its two primary South African lenders until at least September 2021 and deferred scheduled interest and capital repayments on long-term facilities until March 2021. The company says that it will “enhance its security position through a security pool arrangement” and “reduce the levels of gearing in South Africa through a combination of a capital raise and asset sales.” It added, “Any capital raise is conditional on the implementation of the other project steps.”

PPC also signed a new working capital facility with its third South African lender, which it says “provides on-going liquidity until December 2021.”

China: China Tianrui Group Cement says that it has secured a loan worth US$14.4m. Reuters has reported that a Chinese bank granted the loan, which will support capital expenditure projects in the current fiscal year.

France: The government has given a 90% guarantee for a Euro200m loan taken by process technologies and automation specialist Fives from six banks. The company said that the loan, “allows Fives to secure its required liquidity in a time when the Covid-19 crisis has slowed down the business activity in many of its markets. It will also contribute to finance the group’s technological and commercial developments to prepare the future and confirm its positioning as a key player in the industry of the future.”

Saudi Arabia: Najran Cement has announced that it has completed the repayment of a US$12m loan from Banque Saudi Fransi. Mubasher news has reported that the loan had been due for repayment in instalments in the first half of 2020. The cement producer retains US$94.6m in outstanding loans.

Chile: Cementos Bío-Bío has taken a loan worth US$37.6m from BCI-Itaú bank and Scotiabank. It took the measure ‘to ensure the company’s liquidity’ in response to the coronavirus outbreak. Cementos Bío-Bío said, “The Covid-19 pandemic brings risks due to its impact on the world and local economy. The company estimates that it will strongly affect construction, impacting cement dispatches.” It added, “The company maintains a comfortable cash position,” with liquidity of US$53.3m.

Saudi Arabia: Najran Cement Company has signed a financing agreement with Bank Al-Jazira for a loan of US$94.5m. Under the agreement, repayments are to be made at a rate of US$13.6m/yr for four years, and the remaining amount settled in the final year of the financing period ending 2025.

Brazil: Votorantim Cimentos earned revenues of US$2.47bn in 2019, up by 3.0% year-on-year from US$2.39bn in 2018. Its earnings before interest, taxation, depreciation and amortisation rose by 1.1% to US$513m from US$507m in 2018. Throughout the year, the company says that it paid off approximately US$570m of debt and contracted with a syndicate of banks for a new committed credit facility (CCF) for its alternative fuel substitution and CCF reduction initiatives of US$55.1m, due in August 2024.

On 30 March 2020 Votorantim Cimentos donated US$5.5m to fighting the effects of the coronavirus in Brazil.

Kenya: East Africa Portland Cement Company (EAPCC) has defaulted on contractual loan repayments to KCB Bank after auditors PricewaterhouseCoopers reported that the Kenyan company made a loss of US$28.0m in the twelve months to 30 June 2019, over which time it produced 0.3Mt of cement against an installed capacity of 1.3Mt/yr.

Spain: Cementos Molins has obtained loans from CaixaBank, Sabadell, BBVA, Santander and HSBC to a total value of Euro180m. EuropaPress has reported that the funds, consisting of a loan of Euro40m and a Euro140m revolving credit facility, of which Euro50m will be immediately available, will be used to clear the company’s debt and for future projects. The interest will be Euribor plus 0.9%.

Zimbabwe: LafargeHolcim subsidiary Lafarge Cement Zimbabwe has announced a planned investment of US$15.0m in a dry mortar production line to diversify its product base. All Africa has reported that construction will begin in January 2020.

The company stated that it will conclude registration of a US$28.5m loan from the reserve bank of Zimbabwe before the end of 2019.