Cemex gets tenders of 69.2% of 9 5/8% notes, 43.4% of 12¾% notes

New York, Oct. 14 - Cemex, SA de CV said it completed its tender offer, receiving tenders of $138.484 million or 69.2% of its 9 5/8% notes due 2009 and $39.749 million or 43.4% of its 12¾% notes due 2006.

The company also received consents from holders of a majority of the 12¾% notes, allowing it to amend the indenture.

At its last announcement on Oct. 5, Cemex said it received consents from holders of a majority of the principal amount of its $200 million principal amount of 9 5/8% notes, allowing it to amend the indenture.

The company also said it extended its consent solicitation for its $91.6 million principal amount of 12¾% notes due 2006.

It will now expire at 12 p.m. ET on Oct. 14, the same as the expiration date for the tender offer.

By 12 p.m. ET on Oct. 4 Cemex had received consents from holders of 49.32% of the notes, short of the majority needed.

On Sept. 30 Cemex announced the prices it will pay in the tender offer. It said it will pay $1,221.10 per $1,000 principal amount for the 9 5/8% notes of which $10.00 is the consent payment and $1,168.88 per $1,000 principal amount for the 12¾% notes of which $5.00 is the consent payment.

Cemex said on Sept. 14 that it had begun the cash tender offers for its 9 5/8% notes and 12¾% notes.

The Monterrey, Mexico, cement company is also soliciting consents to amend the note indentures.

Cemex said the price for the 9 5/8% notes will be determined using a fixed spread of 16 basis points over the yield to maturity of the U.S. Treasury 2¾% notes due July 31, 2006 at 9 a.m. ET on Sept. 30. Holders will also receive accrued interest up to but not including the payment date. The total payment includes a $5.00 consent payment.

Cemex said the price for the 12¾% notes will be determined using a fixed spread of 122 basis points over the yield to maturity of the U.S. Treasury 3 3/8% notes due Sept. 15, 2009 at 9 a.m. ET on Sept. 30. Holders will also receive accrued interest up to but not including the payment date. The total payment includes a $10.00 consent payment.

The consent payments will only be made to holders who tender by the consent deadline of 12 p.m. ET on Oct. 4 - subsequently extended for the 12¾% notes. The tender expires at 12 p.m. ET on Oct. 14.

Holders who tender by the consent deadline will be required to consent to the indenture amendments, which will eliminate several restrictive covenants relating to limitations on Cemex's consolidated debt, maintenance of its consolidated net worth and the application of proceeds from the sale of its or its subsidiaries' assets.

Holders may consent and receive the consent payment without tendering.

The tender offer for the 12¾% notes is conditional upon, among other things, the receipt of consents from holders of a majority of the total principal amount of both series of notes.

The tender offer for the 9 5/8% notes is conditional upon, among other things, the receipt of consents from holders of a majority of the 9 5/8% notes.

The tender for the 12¾% notes depends on completion of the tender for the 9 5/8% notes but not vice versa.

J.P. Morgan Securities Inc. is dealer manager. D.F. King & Co. Inc. is the information agent (800 431-9642).

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