Cemex, S.A.B. de C.V. has announced the expiration of its previously announced cash tender offer to purchase up to US$1.175 billion of the 9.000% Senior Secured Notes due 2018 issued by Cemex and the 9.250% Senior Secured Notes due 2020 issued by Cemex España, S.A., acting through its Luxembourg Branch. The Tender Offer expired on 1 October 2014.
Cemex has been advised by the tender agent that as of the Expiration Date, a total of US$592 670 000 of 2018 Notes and US$365 221 000 of 2020 Notes had been validly tendered in the Tender Offer, including US$592 470 000 of validly tendered 2018 Notes and US$365 146 000 of validly tendered 2020 Notes purchased by Cemex on the early settlement date of 18 September 2014. Cemex intends to accept all US$200 000 additional 2018 Notes and US$75 000 additional 2020 Notes validly tendered since 17 September 2014 and at or prior to the Expiration Date. Following completion of the Tender Offer, US$574 483 000 principal amount of 2018 Notes and US$230 622 000 principal amount of 2020 Notes are expected to remain outstanding.
Holders of the additional 2018 Notes that validly tendered after the Early Tender Date and at or prior to the Expiration Date are entitled to receive US$1040.00 per US$1000 principal amount of 2018 Notes accepted for purchase. Holders of the additional 2020 Notes that validly tendered after the Early Tender Date and at or prior to the Expiration Date are entitled to receive US$1068.75 per US$1000 principal amount of 2020 Notes accepted for purchase. The final settlement date on which Cemex will make payment for such additional Notes is expected to be 2 October 2014. Holders will also receive accrued and unpaid interest on such additional Notes from the last interest payment date to, but not including, the Final Settlement Date.
J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as Dealer Managers for the Tender Offer. D.F. King & Co., Inc. acted as Information Agent and Tender Agent for the Tender Offer. The Tender Offer was made pursuant to an offer to purchase and related letter of transmittal, copies of which were delivered to holders of the Notes, and which set forth the complete terms and conditions of the Tender Offer.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.worldcement.com/the-americas/03102014/cemex-announces-final-settlement-of-its-tender-offer-for-senior-secured-notes-605/