Restructuring: Stressed cement maker lays firm footings

Astute reading of market brought Heidelberg Cement back from the brink.

Global Awards
High grade High-yield
Equity M&A
Structured credit Restructuring
Regional Awards
Asia Latin America
CEE Middle East
Heidelberg Cement
€8.7 billion debt restructuring June 2009
€4.4 billion combined rights issue/secondary placement September 2009
Advisor: Morgan Stanley

TO DESCRIBE HEIDELBERG Cement as a stressed company at the beginning of 2009 is something of an understatement. The ill-timed acquisition of UK rival Hanson in 2007 burdened the firm with net debt of €11.6 billion through a mix of syndicated and bilateral facilities – €1.6 billion of which was due to mature that year (with a further €6.6

Access this research

Enter your work email address to sign in or check whether your organisation already has access to Euromoney.