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Cemex announces adjustments to rates of convertible notes, obligations
By Wendy Van Sickle
Columbus, Ohio, April 28 – Cemex, SAB de CV will adjust the conversion rates of its optional convertible subordinated notes due 2018 and 2020 and its mandatory convertible obligations due 2019, according to a company news release.
The new conversion rate for the 2018 convertible notes will be 112.1339 American Depositary Shares per $1,000 principal amount of notes, which is equivalent to a conversion price of $8.9179 per ADS.
The new conversion rate for the 2020 convertibles will be 87.3646 ADSs per $1,000 principal amount of notes, which is equivalent to a conversion price of $11.4463 per ADS.
The new conversion rate for the 2019 convertibles will be 489.5266 CPOs per convertible obligation, which is equivalent to a conversion price of Ps. 18.1808 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 31. 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 10. Each ADS represents 10 CPOs.
The subscription price is Ps. 12.9390 per new Cemex CPO. The shares will be subscribed for at a price of Ps. 4.3130 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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