Mexico's Cemex launches benchmark-sized dollar-denominated notes

By Paul A. Harris

St. Louis, Feb. 24 - Cemex, SAB de CV will begin a roadshow on Wednesday in London for a benchmark-sized, dollar-denominated offering of senior notes (//BB) with intermediate maturities and high-yield covenants, according to market sources.

The roadshow moves to New York on Monday and is expected to wrap up on March 4, with pricing thereafter, pending market conditions.

Citigroup is leading the Rule 144A and Regulation S with registration rights offering. The syndicate also includes BBVA Securities, HSBC, RBS Greenwich Capital and Santander Investments.

The notes will come with a make-whole call option to be set at a premium to U.S. Treasuries and will come with a three-year equity clawback.

Proceeds will be used to refinance debt.

The prospective issuer is a cement company based in Garza Garcia, Mexico.

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