Cemex has revealed that through a perpetuals bond swap, it will reduce its net debt by some US$ 440 million. Cemex had originally aimed to cut its debt by up to US$ 850 million but, as over 50% of bondholders accept the swap this week, Rodgrigo Trevino, Chief Financial Officer at Cemex, expressed to Reuters that the deal was still a success: ‘It's a very good result ... the incremental cost of debt servicing was in the order of US$ 5 million annually.’
Cemex will make the exchange tomorrow, swapping perpetuals for new euro and US- denominated debt maturing in 2017 and 2020 at a 30% discount. Cemex will offer to purchase the remaining 44% in December 2016.
Read the article online at: https://www.worldcement.com/the-americas/11052010/cemex_swap_to_cut_debt_by_us$_440_million/