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Mexico's Cemex reaches $1.08 billion cap at early tender deadline
By Jennifer Chiou
New York, April 8 - Cemex, SAB de CV indirect subsidiary Cemex Finance LLC announced the receipt of early tenders in excess of the $1.08 billion cap in its offer for two series of notes.
The company specifically received tenders for $597,153,000 of the $1.65 billion of outstanding 9¼% senior secured notes due 2020 issued by Cemex Espana, SA, Luxembourg Branch and $602.58 million of Cemex's $1,192,996,000 of outstanding 9% senior secured notes due 2018 as of 5 p.m. ET on April 7, the early tender deadline.
The notes are listed in order of priority acceptance level.
According to a company release, the company accepted all tenders for the 9¼% notes and $482,847,000 of the tenders for the 9% notes. The proration factor is 78.54%.
Because tenders were received surpassing the offer cap, the company said that notes tendered after the early deadline will not be accepted.
As reported, 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 the early tender date.
The company said that the total purchase price will be about $1.22 billion.
The offer will end at 11:59 p.m. ET on April 22.
The tender offer is conditioned on the company having completed the issue of $1 billion of 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.
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