Cemex begins tender offer for three notes for up to $400 million

By Marisa Wong

Los Angeles, Sept. 15 – Cemex, SAB de CV announced it began a tender offer on Wednesday to purchase notes from three series for an aggregate purchase price of up to $400 million, excluding accrued interest.

Cemex is offering to purchase notes from the following series, listed in order of acceptance priority level and the total consideration per $1,000 principal amount:

• $1,398,946,000 outstanding 3 7/8% notes due 2031 (Cusip: 151290BZ5, P2253TJR1) for a total consideration of $821.25;

• $799,328,000 outstanding 5.2% notes due 2030 (Cusip: 151290BX0, P2253TJQ3) for a total consideration of $900.00; and

• $848,008,000 outstanding 5.45% notes due 2029 (Cusip: 151290BV4, P2253TJN0) for a total consideration of $917.50.

The total consideration includes an early tender premium of $30 per $1,000 of notes tendered by 8 a.m. ET on Sept. 28, the early tender date.

Holders tendering after the early tender date will only be eligible to receive the base consideration, which is the total consideration less the early tender premium.

In both cases, holders will also be paid accrued interest.

Early tendered notes will have priority in acceptance over any notes tendered after the early tender date, even if those notes tendered after the early deadline have a higher acceptance priority than notes tendered before the early deadline.

If the aggregate purchase price for the notes tendered by the early tender date exceeds the offer cap, the company reserves the right not to accept any additional notes tendered after the early tender date.

Notes may also be subject to proration.

The offer expires at 11:59 p.m. ET on Oct. 12.

Tenders may be withdrawn before 8 a.m. ET on Sept. 28.

The company said it intends to finance the tender offer with proceeds from its available cash or borrowings under the revolving tranche of its credit agreement dated Oct. 29, 2021.

Citigroup Global Markets Inc. (888 558-3745 or 212 723-6106) and Credit Agricole Securities (USA) Inc. (866 807-6030 or 212 261-7802) are dealer managers for the tender offer.

The information agent and tender agent is Global Bondholder Services Corp. (855 654-2015 or 212 430-3774).

Cemex is a building materials company based in Monterrey, Mexico.

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