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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
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