By Reshmi Basu
New York, Feb. 6 - Cemex SAB de CV placed a $750 million offering of 6.64% perpetual hybrid bonds (/BBB-/BBB) late Tuesday, according to a market source.
The deal priced to yield a spread of Treasuries plus 187 basis points.
The securities will be callable on Dec. 31, 2014.
Barclays Capital and JP Morgan managed the sale.
Proceeds will be used to repay debt of Cemex and its subsidiaries and for general corporate purposes, according to a ratings statement by Fitch Ratings.
The issuer is a cement company based in Garza Garcia, Mexico.
| Issuer: | Cemex SAB de CV
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| Issue: | Fixed-to-floating perpetual callable securities
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| Amount: | $750 million
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| Maturity: | Perpetual
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| Coupon: | 6.64%
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| Spread: | Treasuries plus 187 basis points
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| Pricing date: | Feb. 6
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| Lead managers: | Barclays Capital, JP Morgan
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| Ratings: | Standard & Poor's: BBB-
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| Fitch: BBB
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