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CEMEX strengthens capital structure with sale of US$1.0 billion of 5.125% subordinated notes

Published by , Deputy Editor
World Cement,

CEMEX has announced that on 08 June 2021, it successfully closed its previously announced offering of US$1.0 billion of its 5.125% subordinated notes with no fixed maturity. CEMEX intends to use the proceeds for general corporate purposes, including to repay indebtedness.

CEMEX expects that the structure of the notes (subordinated, deferrable interest, no fixed maturity) will assist in reaching its ‘Operation Resilience’ goals of reducing its leverage ratio and regaining an investment grade capital structure. As previously disclosed, in September 2020, to respond to critical market changes resulting from the pandemic, CEMEX launched ‘Operation Resilience’, its medium-term strategy.

“The purpose of this transaction is to further CEMEX in its pursuit of an investment grade capital structure and a commensurate leverage ratio,” said Maher Al-Haffar, CFO of CEMEX.

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