Mexico's Cemex agrees to exchange €119.35 million of 6.277% perpetuals

By Angela McDaniels

Tacoma, Wash., Feb. 25 - Cemex, SAB de CV said Cemex Espana, SA will issue $125,331,000 of 9¼% dollar-denominated senior secured notes due 2020 in exchange for €119.35 million of 6.277% fixed-to-floating-rate callable perpetual debentures issued by C-10 EUR Capital (SPV) Ltd.

The exchange is taking place under a private agreement with an institutional investor, according to a company news release.

The 9¼% notes are an add-on to the notes issued on May 12, 2010. They will be guaranteed by Cemex, Cemex Mexico, SA de CV and New Sunward Holding BV.

The exchange is expected to settle by March 4.

Cemex, a Monterrey, Mexico-based building materials company, expects the exchange to reduce its financial obligations by about $41 million.

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