Lafarge to make early Orascom loan payback
Lafarge, the French cement group, will repay a big part of its Eu7.2bn jumbo loan signed last February early, as it implements a deleveraging plan.
It has also launched a fully underwritten Eu1.5bn rights issue and has secured a new Eu1bn two year loan to loosen its covenants.
The borrower will repay Eu2.6bn of the jumbo loan, secured for its takeover of Egypts Orascom Cement, before June using proceeds from the rights issue and the new debt.
Under the plan, Lafarge, rated Baa3/BBB-/BBB, will take out the outstanding Eu300m of its A1 piece (which originally totalled Eu1.8bn)
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