Caribbean Cement Company (CCC) has advised that on May 28, 2018, pursuant to the authorization of its Board of Directors, the Company entered into two loan agreements with CEMEX España, S.A., a subsidiary of CEMEX, S.A.B. de C.V.: (i) a term loan agreement for US$$50 million bearing an annual interest rate of 7.25% to be repaid in full within 7 years from the signature date; and (ii) a revolving loan agreement for US$52 million bearing an annual interest rate of LIBOR plus 420 basis points to be repaid in full 7 years from the signature date (the “Loan Agreements”).
The proceeds from the Loan Agreements will be used by CCC to pay Trinidad Cement Limited, its parent company, for the purchase of assets mainly consisting of the Kiln 5 and Mill 5 processes at CCC’s Rockfort, Kingston, Jamaica facilities, pursuant to the equipment sale and purchase agreement dated April 27, 2018, the remainder, if any, will be used for general corporate purposes.
For more information on CCC, you’re invited to visit: http://www.caribcement.com
For more information on TCL, you’re invited to visit: http://www.tcl.co.tt