Bilyonaryo - Business

Sy-blings give loss-making Cemex breathing room for $280M BDO loan

December 27, 2022

Bilyonaryo.com

BDO Unibank chaired by ultra bilyonaryo Tessie Sy has granted a much needed two-year loan reprieve to the local subsidiary of Mexican cement giant.

Cemex Holdings Philippines (CHP) announced on December 27 that BDO has agreed to waive the firm’s compliance with its covenants to the $280 million it borrowed in 2017.

BDO has relaxed the financial requirements to the loan from 31 December 2022 to December 2024. The financial covenant covers CHP’s commitment to maintain its debt at no more than four times its EBITDA (earnings before interest, taxes, depreciation and amortization); and its EBITDA would not fall below four times its interest expense.

As added protection for BDO, CHP has also agreed to put up a debt service reserve account or a stand-by fund which the cement company can use to cover short-term shortfalls in debt payments.

CHP used the seven-year BDO loan to refinance its loan to New Sunward Holding BV just seven months after its P25.13 billion initial public offering in 2016.

The operator and owner of Solid and Apo cement booked a net loss of P818.8 million in the first nine months of 2022, P552 million of which was incurred in the third quarter.

Related News Tags: BDO loan, Cemex, Cemex Holdings Philippines, Tessie Sy

NAIA privatization update: Manila International Airport consortium’s offer and DOTr’s PPP model under evaluation

The Manila International Airport Consortium’s unsolicited offer of over P100 billion to enhance and revitalize the Ninoy Aquino International Airport (NAIA) remains active, despite the Department of Transportation (DOTr) submitting a solicited Public-Private Partnership (PPP) model to the National Economic and Development Authority (NEDA).

Only 7 flights affected: MIAA downplays June 9 power glitch

The Manila International Airport Authority (MIAA) issued a public apology after a power outage occurred at the Ninoy Aquino International Airport (NAIA) on Friday, June 9.

EEI penalized for breaching PSE rules

EEI Corp., a construction giant partly owned by the Yuchengcos, has been penalized by the Philippine Stock Exchange (PSE) for non-compliance with the consolidated listing and disclosure rules.

Philippine unemployment rate drops to 4.5% in April

The country’s unemployment rate eased further to 4.5 percent in April, according to the Philippine Statistics Authority’s latest Labor Force Survey.

Prime Media bolsters financial position with entry of new investors

Prime Media Holdings Inc. is set to receive a significant infusion of capital with the entry of two new investors.

NAIA privatization update: Manila International Airport consortium’s offer and DOTr’s PPP model under evaluation

Only 7 flights affected: MIAA downplays June 9 power glitch

EEI penalized for breaching PSE rules

Philippine unemployment rate drops to 4.5% in April

Prime Media bolsters financial position with entry of new investors

Trade deficit declines in April

Strike 3 na! NAIA suffers from power outage on Independence Day long weekend

Extra funds: Ramon Ang boosts stake in Top Frontier to 35%, dilutes Iñigo Zobel’s holdings to 53%

BBM’s economic team revises inflation outlook for 2023

Recommended from sister websites

→ Abogado
Remulla dismisses bribery claim by Teves camp: Baloney!

→ Abogado
Muntinlupa RTC told by OCA to resolve de Lima case in 9 months

→ Politiko
Marcos to DOH chief Herbosa: Prevent HIV in young Pinoys

→ Politiko
Anong meron? Lawmakers puzzled by Sara Duterte’s reaction to GMA’s demotion

→ Bankero
Analysts predict “Hold” stance on rates from BSP until Mid-2024, anticipate RRR reduction

Power

Meralco raises electricity rates in June, residential customers to experience higher bills

Manila Electric Company (Meralco) has announced an upward adjustment in electricity rates for June, with an increase of P0.4183 per kilowatthour.

Money

US banks look to cut ties with UK hedge fund after sex assault claims

JPMorgan Chase and Morgan Stanley are mulling cutting ties with British hedge fund boss Crispin Odey after allegations of sexual assault, sources familiar with the matter told AFP on Thursday.

Business

Only 7 flights affected: MIAA downplays June 9 power glitch

The Manila International Airport Authority (MIAA) issued a public apology after a power outage occurred at the Ninoy Aquino International Airport (NAIA) on Friday, June 9.

Property

Sy-blings’ ChinaBank to lend P25 billion for Suntrust’s casino hub along Manila Bay

Suntrust Resort Holdings, a subsidiary of the Hong Kong-listed LET Group Holdings, is borrowing up to P25 billion from the Sy family’s China Banking Corp. to fund the development of the Westside City integrated casino in the Pagcor Entertainment City.