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Cemex announces adjustments to convertible notes, obligations
By Angela McDaniels
Tacoma, Wash., April 30 – Cemex, SAB de CV will adjust the conversion rates of its optional convertible subordinated notes due 2016 and 2018, its optional convertible subordinated notes due 2020 and its mandatory convertible obligations due 2019, according to a company news release.
The new conversion rate for the 2016 and 2018 convertible notes will be 107.8211 American Depositary Shares per $1,000 principal amount of notes, which is equivalent to a conversion price of $9.2746 per ADS.
The new conversion rate for the 2020 convertibles will be 84.0044 ADSs per $1,000 principal amount of notes, which is equivalent to a conversion price of $11.9041 per ADS.
The new conversion rate for the 2019 convertibles will be 470.6987 CPOs per convertible obligation, which is equivalent to a conversion price of Ps. 18.9081 per CPO.
The adjustments are a result of the application of retained earnings for a capital increase approved by Cemex’s shareholders at the general ordinary shareholders meeting held on March 26. Cemex shareholders will receive one new Cemex CPO per 25 Cemex CPOs held or, if applicable, three new shares per 75 shares currently outstanding, and holders of Cemex ADSs will receive one newly issued ADS per 25 ADSs held.
The delivery of the new CPOs and shares will be made starting on May 4, and the new ADSs will be distributed on or about May 8. Each ADS represents 10 CPOs.
The subscription price is Ps. 15.2344 per new Cemex CPO. The shares will be subscribed for at a price of Ps. 5.0781 per share, of which Ps. 0.00277661 will go to the company’s capital stock and the remaining amount will be treated as premium for the subscription of capital and will be deemed fully paid by a capitalization of retained earnings. Cemex shareholders will not be required to pay any consideration in connection with the issuance of the shares.
Cemex is a cement producer based in Monterrey, Mexico.
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