Cemex completes deal to refinance $7.2 billion debt
Mexico's Cemex said it has completed an ambitious plan to refinance $7.2 billion of debt and push back maturities by up to four years, giving the cement maker more breathing room to get back on its feet.
Cemex was swamped by the 2008 US housing meltdown shortly after paying out $16 billion to buy Australian peer Rinker. It has been working its way out of deep debt obligations for the past three years.
The company, which has operations in more than 50 countries, faced over $7 billion in debt maturities in 2014.