Mexican cement company Cemex announced on Thursday that it refinanced a 750 million euro credit facility that extends its maturity to 2029, as part of a company plan designed to increase its liquidity and flexibility.

Cemex said in a statement that the new agreement represents a 50 million euro reduction in the term of the loan and a source of additional liquidity.

The agreement consists of a 5-year €450 million amortizing term loan and a new 4-year €300 million credit facility, the Monterrey-based company said.

The refinancing process contains almost the same terms and conditions as the cement giant's main banking agreement dated October 2023, it said.

Cemex added that the credit agreement involves about ten major banks as lenders, including Citibank, BNP Paribas, ING Bank and BBVA Mexico.

(Reporting by Marion Giraldo and Redacción México)