Mexican cement company Cemex said on Friday that it raised MXN5.5 billion ($322 million) in sustainability-linked bonds in the local market.
Cemex, one of the world’s largest cement manufacturers, priced MXN2 billion in a 2.6-year note at the TIIE interbank lending rate plus 0.45% and MXN3.5 billion in a 6.6-year bond at 10.66%, it said in a securities filing.
The SLBs are linked to the company’s compliance in reducing direct greenhouse gas emissions (scope 1) and indirect emissions from purchased energy, steam, heat and cooling (scope 2), Cemex said.
The company added that it will use the proceeds to pay down debt with the goal of accelerating its path to achieving an investment grade credit rating.
In October last year, Cemex raised MXN6 billion in its first local bond sale since 2008, taking advantage of growing investor appetite for Mexican peso-denominated debt.
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