Displaying items by tag: Loan

Bangladesh: Premier Cement Mills has installed an 11,000t/day vertical roller mill (VRM) at its West Mukterpur grinding plant in Munshiganj. The producer said that the expansion will more than double the grinding plant’s capacity to 7Mt/yr.

Energy & Power News has reported that Premier Cement Mills took a loan worth US$32.4m for the construction of the new mill.

Saudi Arabia: Southern Province Cement has secured a loan worth US$373m from Saudi National Bank. The loan will cover its construction of a 5000t/day production line at its upcoming Jizan cement plant, as well as the construction of infrastructure for a second new line of the same capacity at the plant. The producer appointed China-based Sinoma International Engineering to build the plant in May 2023.

Reuters has reported that the loan has a duration of 10 years and a two-year grace period.

India: Adani Group has reportedly entered discussions with five banks in a search to refinance US$3.8bn-worth of loans taken for its acquisition of Holcim India. The Economic Times newspaper has reported that the group aims to secure funding by mid-July 2023. Potential participants in the refinancing round reportedly include Malaysia and Taiwan-based banks, as well as existing lenders Barclays, Deutsche Bank and Standard Chartered.

Nigeria: BUA Cement plans to use loans worth US$500m towards the construction of two new 3Mt/yr cement plants in Sokoto State. When operational, the new plants will increase the producer's installed capacity by 55% to 17Mt/yr. Local press has reported that BUA Cement plans to run both cement plants using solar power, and to produce cement using alternative fuel (AF). Additionally, the producer will use a portion of the funding to replace part of its diesel-fuelled cement truck fleet with new natural gas-fuelled models.

Of a total US$500m in financing secured by BUA Cement on 5 June 2023, the International Finance Corporation (IFC) lent US$161m (32%) and African Development Bank, Africa Finance Corporation and the German Investment Corporation jointly lent US$245m (49%), with the remainder advanced by institutional investors.

India: JSW Cement has signed a US$50m sustainability-linked loan agreement with BNP Paribas Singapore. The Hindu BusinessLine newspaper has reported that the producer plans to use the funds for capital expenditure projects aimed to more than double its production capacity to 50Mt/yr from 17Mt/yr. Current plans include US$388m in investments in the construction of a 2.5Mt/yr integrated cement plant in Madhya Pradesh and a 2.5Mt/yr grinding plant in Uttar Pradesh.

The latest loan from BNP Paribas is the second of its kind taken by the group, following a US$48.5m sustainability-linked loan from Japan-based MUFG Bank in October 2022.

Nigeria: BUA Cement has secures a new loan worth US$500m from the International Finance Corporation (IFC). The producer informed the Nigerian Exchange (NGX) that it plans to use the fund for capital expenditure (CAPEX) investments in new projects.

India: Adani Group repaid loans worth a total of US$2.65bn on 6 June 2023, with a total interest payment of US$700m. Accord Fintech News has reported that the sum includes prepayment of loans worth US$700m used to acquire Holcim India, alongside other loans. This completes the group's prepayment of loans taken for the acquisition, which it completed in September 2022.

Bangladesh: Premier Cement Mills plans to install a new vertical roller mill at its West Mukterpur cement plant in Munshiganj. For this purpose, it secured a US$32.7m long-term loan from state-owned Infrastructure Development Company Limited (IDCOL). The New Nation newspaper has reported that IDCOL focuses on financing projects to increase energy efficiency, alongside the development of renewable energy.

India: Jaiprakash Associates has defaulted on loans worth US$482m, which were due for repayment on 30 April 2023. The producer has total borrowings of US$3.57bn, repayable by 2037. It informed the National Stock Exchange of India (NSE) that the outstanding debt is subject to on-going restructuring, but will reduce by US$2.21bn upon transfer of property belonging to Jaiprakash Associates to a shareholder-approved special purpose vehicle (SPV).

Congo: Antoine Thomas Nicéphore Fylla Saint Eudes, the Minister of Industrial Development and Private Sector Promotion, has visited the construction site of the Tao-Tao cement plant in Niari department. Accompanying the minister were the local prefect of the region and a representative of the Indian embassy, according to Les Dépêches de Brazzaville newspaper. The unit is a joint-project between the local and Indian-governments. A loan for the project with the Export-Import Bank of India was signed in 2015.

The plant will have a production capacity of 0.6Mt/yr once complete. Operation is currently planned to start in 2014. Promac is reportedly carrying out the construction work. The Republic of the Congo currently has two operational integrated cement plants, run by Dangote Cement and Société Nouvelle de Ciment du Congo (SONOCC) respectively, and a grinding plant managed by Ciments de l'Afrique (CIMAF).