MONTERREY, Mexico Sept 30 (Reuters) - Mexican cement maker Cemex said it will lower its annual financing costs by up to $165 million following the adoption of a new refinancing plan, the company’s chief financial officer said on Tuesday.
The plan will also allow the firm to raise to $1 billion its annual investment limit which was previously set at $800 million, Jose Antonio Gonzalez told Reuters.
“We are getting closer to the $160 to $166 million in annual savings,” Gonzalez said in an interview.
Gonzalez also said Cemex will continue looking to refinance debt that expires in 2015 and it expects that conversion of 2016 bonds to shares will further lower its debt.
The company said earlier it had inked a new credit agreement with nine banks worth $1.35 billion, the proceeds of which will be used to refinance debt. (Reporting by Gabriela Lopez; Writing by David Alire Garcia)