Mexico's Cemex tenders for up to $1.08 billion of two note series

By Susanna Moon

Chicago, March 26 - Cemex, SAB de CV said that indirect subsidiary Cemex Finance LLC began a tender offer for up to $1.08 billion of two series of notes.

The company is tendering for its $1,192,996,000 of outstanding 9% senior secured notes due 2018 and the $1.65 billion of outstanding 9¼% senior secured notes due 2020 issued by Cemex Espana, SA, Luxembourg Branch. The notes are listed in order of priority acceptance level.

The total purchase price for each $1,000 principal amount will be $1,102.50 for the 9% notes and $1,092.50 for the 9¼% notes. The total payment includes a $30.00 premium for each $1,000 of notes tendered by 5 p.m. ET on April 7, the early tender date.

Those who tender after the early deadline will receive the total amount less the early premium.

The tender offer will end at 11:59 p.m. ET on April 22.

If the offer is oversubscribed by the early tender date, Cemex may opt not to accept any additional notes tendered after the early deadline, according to a company press release.

Tendered notes may be withdrawn by the early tender date.

The tender offer is conditioned on the company having completed the issue of $1 billion 6% senior secured notes due 2024.

Cemex priced two tranches of senior secured notes on March 25, including a $1 billion tranche of 6% 10-year notes and an upsized €400 million tranche of 5¼% seven-year notes, as previously reported by Prospect News.

Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106 collect) and J.P. Morgan Securities LLC (866 846-2874 or 212 834-7279 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.

Cemex is a multinational building products company with headquarters in San Pedro Garza Garcia, Mexico.

© 2015 Prospect News.
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