Mexican building firm Cemex has turned the corner on a tumultuous period by refinancing a $4.05 billion facilities agreement, achieving greater flexibility and putting it on the path to full recovery.
The deal, a syndicated facilities agreement with 20 banks and financial institutions, will be used to refinance $3.68 billion worth of previous credit lines in place since 2014. The rest will go towards general corporate purposes.
Cemex got into difficulty during the financial crisis when the infrastructure world slowed down along with the global economy. In late 2008 it went through a lengthy $15 billion out-of-court restructuring process that saw the disposal of various businesses at cut prices. Among those was Australian company Rinker, an ill-timed acquisition struck just before the crisis for $12.8 billion, and later sold for $2 billion.
The 2008 deal...