PPC Gets Banks to Back 4 Billion-Rand Share Sale to Investors

  • Lenders to underwrite rights offer as bonds face redemption
  • CEO Castle says pacts pave way to resolve capital structure

PPC Ltd., South Africa’s largest publicly traded cement maker, said it received 4 billion rand ($263 million) of bank guarantees to underwrite the sale of shares to existing investors, adding to facilities it received last week to redeem bonds.

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