By Christine Van Dusen
Atlanta, March 9 – Cemex SAB de CV priced an upsized $1 billion of 7¾% 10-year senior secured notes (//BB-) at 99.986 to yield 7¾% on Wednesday, a market source said.
The notes were talked at a yield in the 8 3/8% area.
BBVA, BofA Merrill Lynch and Citigroup were the active bookrunners for the Rule 144A and Regulation S deal. HSBC, ING and Santander were the passive bookrunners.
The proceeds will be used to fund the redemption or repurchase of the company’s 9 7/8% notes due 2019, the 9 7/8% euro notes due in 2019 and the 9½% notes due 2018. Other proceeds will be used for general corporate purposes, according to a company filing.
Cemex is a cement producer based in Monterrey, Mexico.
| Issuer: | Cemex SAB de CV
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| Amount: | $1 billion
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| Maturity: | March 16, 2026
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| Description: | Senior secured notes
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| Bookrunners: | BBVA, BofA Merrill Lynch, Citigroup (active); HSBC, ING, Santander (passive)
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| Coupon: | 7¾%
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| Price: | 99.986
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| Yield: | 7¾%
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| Call option: | Non-callable for five years
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| Trade date: | March 9
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| Settlement date: | March 16
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| Rating: | Fitch: BB-
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| Distribution: | Rule 144A/Regulation S
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| Price talk: | 8 3/8% area
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