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Displaying items by tag: bank

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Oyak Cement receives funding for solar and WHR facilities

17 April 2025

Türkiye: TSKB (Industrial Development Bank of Türkiye) has signed a €75m investment loan agreement with Oyak Cement to fund renewable energy and waste heat recovery (WHR) projects. The funding will support the construction of a 115MW solar power plant in Beypazarı, Ankara, and waste heat recovery facilities at the Ankara, Adana and Mardin cement plants.

Oyak Cement general manager Murat Sela said “We have accelerated our investments for the Beypazarı solar power plant, as well as the WHR facility investments with a total installed capacity of 13.5 MW at our Adana, Ankara and Mardin plants. We expect these investments to help generate 237,000MW/yr of energy, while increasing the total renewable energy utilisation rate at our plants from 9% to 30%.”

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Tribunal declines to stay insolvency proceedings against Jaiprakash Associates

10 June 2024

India: The National Company Law Appellate Tribunal (NCLAT) has declined to stay insolvency proceedings against Jaiprakash Associates, following a challenge by its board. The board has been suspended since the NCLAT admitted an insolvency plea against the company on 3 June 2024. Press Trust of India News has reported that ICICI Bank first initiated proceedings over outstanding debts in September 2018.

The board of Jaiprakash Associates submitted that it will remain ‘asset-rich,’ even after it sells cement plants to repay loans. It attributed its present ‘liquidity crunch’ to delayed government approvals, ‘prolonged’ litigation and policy changes. The NCLAT stated that it must admit insolvency pleas in cases of defaulted debt repayment, saying that a judicial resolution will prevent further depletion of Jaiprakash Associates’ assets.

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UNACEM obtains US$345m loan for Tehachapi cement plant purchase

06 November 2023

Peru/US: UNACEM has secured syndicated financing worth US$345m. It will put the funds towards its acquisition of the Tehachapi cement plant in California, US. Contify Banking News has reported that Spain-based BBVA operated as sole lead arranger and global coordinator for the financing.

UNACEM corporate general manager Pedro Lerner said “This operation will strengthen Grupo UNACEM’s investment portfolio in our core business and consolidate our presence in the southwestern region of the US, doubling our installed capacity in the country.”

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Adani Group refinances loan for Holcim India acquisition

13 October 2023

India: Adani Group has entered into a US$3.7bn refinance agreement with multiple banks to refinance the loan it took to acquire Holcim’s Indian business. Live Mint News has reported that the consortium of banks includes Deutsche Bank, Standard Chartered, Barclays, Citibank, MUFG Bank and Sumitomo Mitsui Banking Corporation. Sources ‘with direct knowledge of the matter’ reported that the refinance agreement will have a tenure of 36 months.

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InterCement may sell Brazilian business

06 October 2023

Brazil: InterCement has hired BTG Pactual to help explore ‘capitalisation alternatives’ as part of a proposed restructuring, possibly involving the sale of the group’s Brazilian business. Valor International News has reported that Companhia Siderúrgica Nacional (CSN) Cimentos has signalled its interest in acquiring the business, while Votorantim Cimentos may group together with other cement companies to make a bid. This would entail a division of the assets in order to conform to Brazilian competition laws.

InterCement successfully secured a postponement for payment of its outstanding bank debt in September 2023. It owes net debt of US$1.5bn up to 2027, including a senior note of US$548m due in May 2024. InterCement operates 12.2Mt/yr worth of cement capacity, and produced 8.7Mt of cement in 2022.

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Cemex seeks to refinance US$3bn bank debt

22 September 2023

Mexico: Cemex says that it has entered negotiations with banks with a view to refinancing its US$3bn credit line. Bloomberg has reported that it previously financed the line in late 2021.

Cemex’s chief financial officer Maher Al-Haffar said that an anticipated 100% extension ‘will probably transform our maturity structure quite nicely.’

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Norges Bank acquires 5% stake in Cahya Mata Sarawak

18 September 2023

Malaysia: Norway-based Norges Bank has bought a 5% stake in Cahya Mata Sarawak, Bernama Daily Malaysian News has reported.

The bank said “Norges Bank's mission is to promote economic stability and manage substantial assets on behalf of the Norwegian people.” It added “As part of its investment strategy for the Government Pension Fund Global, Norges Bank seeks to optimise returns within the framework of its investment mandate.”

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Votorantim Cimentos to upgrade Salto de Pirapora cement plant

20 July 2023

Brazil: Votorantim Cimentos has secured a US$150m loan from the International Finance Corporation for an upgrade to its Salto de Pirapora cement plant in São Paulo. The producer aims to increase the alternative fuel (AF) substitution rate at the 4.8Mt/yr plant, and reduce its CO2 emissions. It says that the loan is tied to sustainability performance indicators (SPIs), based on the reduction in the plant’s Scope 1 CO2 emissions.

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Southern Province Cement takes US$373m loan for Jizan cement plant project

26 June 2023

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.

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Adani Group seeking lenders to refinance Holcim India acquisition loans

20 June 2023

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.

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