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Cemex enters into five-year $4.05 billion credit agreement
By Wendy Van Sickle
Columbus, Ohio, July 19 – Cemex, SAB de CV entered into a new credit agreement providing for a total of $4.05 billion that will be used to refinance the company’s $3.68 billion credit agreement entered in September 2014 and for general corporate purposes, according to a company news release.
The company said it plans to cancel drawn and undrawn amounts under the existing credit agreement by July 25.
The new credit agreement has a five-year final maturity with a weighted average lifespan of 4.3 years.
Commitments under its term loan tranches come to about $2.92 billion, including $1.61 billion, €741 million and £344 million, amortizing in five equal semiannual payments, beginning in July 2020.
The revolving credit facility commitments total about $1.13 billion with a five-year bullet maturity.
All tranches under the new credit agreement have substantially the same terms as the 2014 agreement, including an applicable margin over the applicable benchmark interest rate of between 125 basis points to 350 bps, depending on Cemex’s consolidated debt leverage ratio. When the ratio is below 4.5 times, the applicable margin is between 50 bps and 125 bps lower than it would have been under the 2014 credit agreement.
The joint mandated lead arrangers and joint bookrunners are Banco Mercantil del Norte, SA, Institucion de Banca Multiple, Grupo Financiero Banorte; Banco Santander (Mexico), SA, Institucion de Banca Multiple, Grupo Financiero Santander Mexico; BBVA Bancomer, SA, Institucion de Banca Multiple Grupo Financiero BBVA Bancomer; BNP Paribas Securities Corp.; Citigroup Global Markets Inc.; Credit Agricole CIB; HSBC Securities (USA) Inc.; ING Capital LLLC; JPMorgan Chase Bank, NA; Bank of America Merrill Lynch; and Mizuho Bank, Ltd.
Cemex is a building materials company based in Monterrey, Mexico.
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