| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers C > Headlines for Cemex SAB de CV > News item |
Mexico’s Cemex to price upsized €650 million seven-year notes at 2¾%
By Rebecca Melvin
New York, Nov. 28 – Cemex SAB de CV upsized its offering of seven-year senior secured notes to €650 million from €400 million and set the yield at 2¾% but has not yet finally priced the deal, according to a market source.
The Rule 144A and Regulation S notes were initially talked to yield in the 3¼% area, and books were oversubscribed with orders of more than €2.6 billion.
Joint bookrunners of the Rule 144A and Regulation S offering of seven-year non-call three year notes are BNP Paribas (billing and delivery), HSBC, JPMorgan, Banca IMI, BBVA and ING.
Proceeds will be used fund the exercise of call provisions for its $610.66 million of 6½% senior secured notes due 2019, which were issued in 2013, and/or its €400 million of 4¾% senior secured notes due 2022, which were issued in 2014.
Any remainder is earmarked for general corporate purposes, including repayment of other debt, in accordance with the company’s facilities agreement of July 19, 2017. And pending such application, proceeds may also be applied to temporarily reduce amounts outstanding under a revolving credit facility tranche of the 2017 credit agreement or short-term bilateral facilities.
The December 2019 notes are redeemable on and after Dec. 10 at a redemption price of 103.25% of principal plus accrued interest, and the January 2022 notes are redeemable on Jan. 11 at 102.375% plus interest.
The notes are part of the 2017 credit agreement for a share in collateral pledged to lenders and are guaranteed by Cemex Mexico, SA de CV, Cemex Concretos, SA de CV, Empresas Tolteca de Mexico, SA de CV, New Sunward Holding BV, Cemex Espana, SA, Cemex Asia BV, Cemex Finance LLC, Cemex Corp., Cemex Egyptian Investments BV, Cemex France Gestion (SAS), Cemex Research Group AG and Cemex UK.
Cemex is a cement producer based in Monterrey, Mexico.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.