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Cemex tenders for $925 million 9½% senior secured notes due 2016
By Toni Weeks
San Luis Obispo, Calif., Aug. 6 - Cemex, SAB de CV began a tender offer to purchase up to $925 million of its outstanding $1.75 billion of 9½% senior secured notes due 2016 issued by Cemex Finance LLC, according to a press release.
Holders that tender their notes by 5 p.m. ET on Aug. 16, the early tender date, will receive the total consideration of $1,075 per $1,000 principal amount, which includes an early tender payment of $30. Holders who tender after the early tender date will not receive the $30 early tender payment.
The company will also pay accrued interest up to but not including the settlement date. The offer will expire at 11:59 p.m. ET on Aug. 30.
Holders may not withdraw their validly tendered notes, except as may be required by applicable law.
If the principal amount of notes that are tendered exceeds the tender cap, the notes will be prorated for purchase. In addition, if the tender offer is fully subscribed as of the early tender date, Cemex said it will not accept for purchase any notes tendered after the early deadline.
The tender offer is contingent on the satisfaction of certain conditions, including proceeds from a completed senior secured notes offering in an amount sufficient to pay for the tender offer and connected fees and expenses.
HSBC Securities (USA) Inc. (Liability Management Group at 888 HSBC-4LM or 212 525-5552 or via email at liability.management@hsbcib.com) and J.P. Morgan Securities LLC (Latin America Debt Capital Markets Group at 866 846-2874 or 212 834-7279) are dealer managers for the tender offer. D.F. King & Co., Inc. (800 769-7666 or 212 269-5550) is the information agent and tender agent.
Cemex is a Monterrey, Mexico-based building materials supplier and cement producer.
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