New Issue: Mexico’s Cemex prices $1 billion notes due 2029 at par to yield 5.45%

By Sarah Lizee

Olympia, Wash., Nov. 12 – Cemex, SAB de CV sold $1 billion of 5.45% senior secured notes due 2029 at par, according to a market source.

The joint bookrunners for the Rule 144A and Regulation S notes were BNP Paribas Securities Corp., BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities.

Prior to Nov. 19, 2024, the notes may be redeemed in whole or in part at a price equal to par plus a make-whole premium calculated using a discount rate of Treasuries plus 50 basis points plus accrued interest to the redemption date. Starting on Nov. 19, 2024, the notes are callable at 102.725 for one year, then 101.817 the year after that, 100.908 the year after that and par onwards.

Proceeds will be used for general corporate purposes, including to repay debt.

Cemex is a cement producer based in Monterrey, Mexico.

Issuer:	Cemex, SAB de CV
Issue:	Senior secured notes
Amount:	$1 billion
Maturity:	Nov. 19, 2029
Bookrunners:	BNP Paribas Securities Corp., BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities
Coupon:	5.45%
Price:	Par
Yield:	5.45%
Call:	Prior to Nov. 19, 2024, at par plus a make-whole premium; starting Nov. 19, 2024 at 102.725 for one year, 101.817 the year after that, 100.908 the year after that and par onwards
Equity clawback:	For up to 35% at 105.45 until Nov. 19, 2022
Pricing date:	Nov. 12
Settlement date:	Nov. 19
Distribution:	Rule 144A and Regulation S

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