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Restructuring: Stressed cement maker lays firm footings

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

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 billion in 2010). Although a covenant waiver had been negotiated with more than 50 lenders, the situation looked challenging.

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