S&P rates Cemex notes BB

S&P said it assigned its BB issue-level and 3 recovery ratings to Cemex SAB de CV’s $1.75 billion of senior secured notes due 2031. The recovery rating of 3 indicates creditors can expect a meaningful (50%-70%) recovery in default.

A first-priority security interest will secure the notes over all the shares of Cemex Operaciones Mexico SA de CV, Cemex Innovation Holding Ltd. and Cemex Espana SA (together, the collateral), and all proceeds of such collateral. Cemex’s main subsidiaries will guarantee the notes under the same terms as all of its other senior capital market debt.

Proceeds will be used for general corporate purposes, including the repayment of other debt, under the 2017 credit agreement.

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