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Mexico’s Cemex wraps tenders for $275,000 more of two note series
By Susanna Moon
Chicago, Oct. 2 – Cemex SAB de CV said that holders had tendered $592.67 million of its 9% senior secured notes due 2018 and $365,221,000 of the 9¼% senior secured notes due 2020 issued by Cemex Espana, SA, Luxembourg Branch.
The tender offer ended at 11:59 p.m. ET on Oct. 1. The notes are listed in order of priority acceptance level.
As already noted, holders had tendered $592.52 million of the 9% notes and $365,146,000 of the 9¼% notes by the early tender deadline, 5 p.m. ET on Sept. 17. Those notes were settled Sept. 18 for a total payment of about $1.06 billion.
Cemex plans to accept all $200,000 of the additional 9% notes and $75,000 more of the 9¼% notes tendered since the early tender date, according to a company press release.
After settlement on Oct. 2, $574,483,000 principal amount of 9% notes and $230,622,000 principal amount of 9¼% notes are expected to remain outstanding, the company said.
As previously announced, the total purchase price for each $1,000 principal amount was $1,070 for the 9% notes and $1,098.75 for the 9¼% notes.
The total payment included an early tender premium of $30.00 per $1,000 of notes tendered by the early tender date.
Those who tendered their notes after the early tender date will receive the base payment, or the total payment less the early tender premium.
The company also will pay accrued interest to but excluding the settlement date.
The tender offer was conditioned on the issue of $1.1 billion principal amount of 5.7% senior secured notes due 2025 and €400 million aggregate principal amount of 4¾% senior secured notes due 2022 in concurrent international capital markets offerings.
J.P. Morgan Securities LLC (866 846-2874 or 212 834-7279 collect) and BofA Merrill Lynch (888 292-0070 or 646 855-3401 collect) were the dealer managers. D.F. King & Co., Inc. (800 769-7666 or 212 269-5550 collect) was the information agent and tender agent.
The issuer is a Nuevo Leon, Mexico-based building materials supplier and cement producer.
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