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Mexico’s Cemex accepts early tenders for $957.67 million of two series
By Toni Weeks
San Luis Obispo, Calif., Sept. 17 – Cemex SAB de CV said that holders of $592.52 million of its 9% senior secured notes due 2018 issued by Cemex and $365,146,000 of its 9¼% senior secured notes due 2020 issued by Cemex Espana, SA, Luxembourg Branch tendered their notes by the early tender deadline, 5 p.m. ET on Sept. 17, for the company’s tender offer for the two series of notes, which are listed in order of priority acceptance level.
The company also said it is accepting for purchase all the notes tendered by the early deadline. Settlement for these notes is expected Sept. 18, for a total payment of about $1.06 billion. Notes that have been tendered may not be withdrawn.
The total purchase price for each $1,000 principal amount will be $1,070 for the 9% notes and $1,098.75 for the 9¼% notes.
The total payment includes an early tender premium of $30.00 per $1,000 of notes tendered by the early tender date.
Those who tender 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 will end at 11:59 p.m. ET on Oct. 1.
The tender offer is 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, according to a company press release.
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) are the dealer managers. D.F. King & Co., Inc. (800 769-7666 or 212 269-5550 collect) is the information agent and tender agent.
The issuer is a Nuevo Leon, Mexico-based building materials supplier and cement producer.
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