Cement Americas

WIN 2019

Cement Americas provides comprehensive coverage of the North and South American cement markets from raw material extraction to delivery and tranportation to end user.

Issue link: https://cement.epubxp.com/i/1068521

Contents of this Issue


Page 9 of 43

8 CEMENT AMERICAS • Winter 2019 • www.cementamericas.com CEMENTSCOPE private trans-boundary nature preserve. The partnership works to preserve approximately 27,000 acres of El Carmen within Texas. "Sustainability is one of our core strategies at Cemex," commented Cemex USA Regional President – Texas and New Mexico Region Joel Galassini said. "We are honored to be recognized by Texan by Nature for our efforts at El Carmen. We are not only committed to restoring habitats and wildlife there but strive to extend that commitment to our operations." El Carmen is comprised of five different ecosystems, and its nearly 350,000 acres in Texas and Mexico is home to a myriad of plants, birds, mammals, reptiles and amphibi- ans. Cemex has made important contributions to the con- tinued scientific research, restoration, conservation, and increased population of endangered species and their habi- tats in this cross-border private conservation region. ECLCC was one of six projects across Texas named as a 2018 Conservation Wrangler by Texan by Nature, a Texas-led con- servation non-profit founded by Former First Lady Laura Bush. Last year, Texas Parks and Wildlife honored Cemex and ECLCC for conservation efforts with the 2017 Lone Star Steward Award for the Trans Pecos Region. Caribbean Cement Secures $3 Billion Loan to Repay Debt Caribbean Cement Co. Ltd. and its mining subsidiary, Jamai- ca Gypsum and Quarries Ltd., acquired a five-year loan from National Commercial Bank Jamaica that will be used mainly to repay older debt, reported the Jamaica Gleaner. The $3.096 billion loan proceeds will be distributed in the U.S. dollar equivalent, to pay down debt denominated in U.S. dollars, but repaid in Jamaican dollars at a rate of 7.45 percent per annum. Caribbean Cement also said some of the funds would be used for general corporate purposes. The bank loan follows other recent borrowings by Caribbe- an Cement. The company signed two loan agreements val- ued at $102 million with Cemex Espana for the repurchase of assets on its grounds at Rockfort in Kingston, Jamaica, from immediate parent company Trinidad Cement Ltd. Cemex is majority owner of both Trinidad Cement and Caribbean Cement. Caribbean Cement reported a $1.3 billion payment toward the acquisition of the assets in the first quarter of 2018. The deal terminated an operating lease agreement originally dated July 2, 2010, and returned $118 million of assets (Kiln 5 and Mill 5) to Caribbean Cement, based on its disclosures in March. It also included redemption of about 52 million preference shares issued by Caribbean Cement to Trini- dad valued at $40.5 million. The preference shares will be repaid over nine years. The buyback served to triple Caribbean Cement's assets in the past year from $7.7 billion to $23 billion, but it left the company servicing new debt of $11 billion. Class Action Lawsuit Filed Against Argentinian Cement Producer New York-based Rosen Law Firm filed a class action law- suit against Argentina's Loma Negra Compania Industrial Argentina S.A. on behalf of investors that purchased secu- rities in the company's initial public offering in November 2017. The lawsuit seeks to recover damages under the fed- eral securities laws. The complaint alleges that the cement producer misled investors in its Registration Statement by: (1) downplaying and misrepresenting Loma Negra's exposure to a massive, ongoing corruption scandal engulfing its majority owner, InterCement Participações S.A.; (2) misrepresenting a pur- ported increased demand for Loma Negra's cement and other products as a result of economic growth and gov- ernment funding for public works projects in Argentina, as well as the purported benefits to Loma Negra from that increased demand; (3) misrepresenting events and trends in the Argentinian economy, as well as Loma Negra's expo- sure thereto; and (4) including references to known risks that "if" occurring "might" or "could" affect Loma Negra, despite the fact that these "risks" had already materialized at the time of the IPO.

Articles in this issue

Links on this page

Archives of this issue

view archives of Cement Americas - WIN 2019