Argos group raises funds for expansion and debt restructuring

Colombia’s Argos Group raised more than US$500 million (1 trillion pesos) in a bond sale this week, enabling the group to restructure debt to aid its investment requirements. The bond sale was more than doubly oversubscribed, receiving offers to buy more than 2 trillion pesos in bonds. With the restructuring, the company’s debt will now come due in 6.3 years instead of 1.5 years. More than half the bonds sold will come due in 10 or 15 years, though some were sold with lifespans of 2, 3 and 5 years.

Cementos Argos is reportedly interested in cement assets in Brazil and Mexico being sold off by Holcim as part of its merger with Lafarge.

Edited from various sources by Katherine Guenioui

Sources:

• Reuters
• MSN Money
• Reuters

Read the article online at: https://www.worldcement.com/the-americas/12092014/argos-group-raises-funds-for-expansion-and-debt-restructuring-473/