Cemex 1999 Annual Report Download - page 59

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57
11.- LONG-TERM BANK LOANS AND NOTES PAYABLE
The consolidated long-term debt is summarized as follows:
1999 RATE 1998 RATE
A) Bank Loans
1. Syndicated loans denominated in
foreign currency, due from 2000
to 2006 $ 13,453,507 4.1% - 9.5% 9,507,040 6.1% - 8.2%
2. Bank loans denominated in foreign
currency, due from 2000 to 2007 4,786,905 3.5% - 15.7% 5,314,328 3.9% - 19.8%
3. Revolving line of credit in foreign
currency, due from 2001 to 2002 3,804,000 7.1% 4,856,337 6.6%
22,044,412 19,677,705
B) Notes Payable
4. Euro medium-term Notes Programme
denominated in foreign currency,
due from 2000 to 2006 14,118,718 8.5% - 12.8% 13,029,409 8.5% - 12.8%
5. Commercial paper denominated in
foreign currency with revolving
maturities every one or two years 1,588,170 7.3% 1,922,713 5.3% - 7.7%
6. Yankee Notes, due in 2003 782,673 8.4% 1,735,989 8.4%
7. Other notes denominated in
foreign currency, due from 2000
to 2009 809,379 7.1% - 8.9% 894,709 6.7% - 9.8%
17,298,940 17,582,820
39,343,352 37,260,525
Current maturities (7,575,154) (6,177,195)
$ 31,768,198 31,083,330
1. Syndicated loans denominated in foreign currency had a weighted average floating interest rate of 6.2% in 1999
and 6.8% in 1998. These loans had a weighted average spread based on LIBOR of 98 basis points in 1999 and
132 in 1998.
2. Bank loans denominated in foreign currency, of which 48% in 1999 and 93% in 1998 were floating rate with a
weighted average interest rate of 5.4% in 1999 and 6.5% in 1998. These loans had a weighted average spread
based on LIBOR of 45 basis points in 1999 and 122 in 1998.
3. Revolving line of credit in foreign currency with an average floating rate of 7.1% in 1999 and 6.6% in 1998. These
loans had a spread based on LIBOR of 125 basis points.
4. Euro medium-term Notes Programme denominated in foreign currency with a weighted average fixed rate of
10.3% in 1999 and 10.5% in 1998.
5. Commercial paper denominated in foreign currency with revolving maturities every one or two years with a
weighted average floating interest rate of 7.3% in 1999 and 6.0% in 1998. These loans had a spread based on
LIBOR of 116 basis points in 1999 and 73 in 1998.
6. Yankee Notes had a fixed rate of 8.375% in 1999 and 1998.
7. Other notes denominated in foreign currency of which $124,170 and $412,057 were floating rate with a
weighted average interest rate of 5.9% and 6.9% in 1999 and 1998, respectively. These loans had a weighted
average spread based on LIBOR of 16 basis points in 1999 and 162 in 1998. The remaining $685,209 in 1999
and $482,652 in 1998 were fixed rate with a weighted average interest rate of 6.4% and 8.9% in 1999 and 1998,
respectively.
Long-term debt is summarized by currency as of December 31, 1999 and 1998 as follows:
CONSOLIDATED
1999 1998
US Dollars $ 25,119,131 30,219,953
Euros 4,354,799 —
Egyptian pounds 1,560,124 —
Philippine Pesos 197,409 137,837
Spanish Pesetas 498,006 668,085
Colombian Pesos 38,729 13,599
Venezuela Bolivars — 43,856
$ 31,768,198 31,083,330
A total of 99% of the long-term debt of the Parent Company is denominated in US dollars in 1999 and 1998.