CEMEX’s $3 Billion Sustainability-Linked Senior Unsecured Revolving Credit Facility

Cleary Gottlieb represented the lenders in connection with CEMEX’s $3 billion sustainability-linked senior unsecured revolving credit facility.

The transaction marks CEMEX’s first investment grade credit facility since regaining investment grade status. The facility has a five-year tenor and includes an ESG-linked pricing component.

CEMEX intends to use the proceeds of the facility for general corporate purposes, including the refinancing of existing indebtedness.

Cleary has been counsel in a number of CEMEX-related matters. Since 2009, Cleary has acted as counsel to initial purchasers in the issuance of approximately $27.3 billion in high-yield bonds and convertible debentures by CEMEX.

CEMEX is one of the largest cement companies in the world based on annual installed cement production capacity and one of the largest ready-mix concrete companies worldwide. CEMEX primarily engages in the production, distribution, marketing, and sale of cement, ready-mix concrete, aggregates, and clinker.

The Cleary team included partners Duane McLaughlin and Manuel Silva, associates Silvia Fittipaldi and Jose Eduardo Coronado Castro, and international lawyer Fernanda Cid Ortiz. Partner Matthew Brigham and associate Mingyu Tang advised on tax matters, with support from law clerk Jiyoung (Reina) Kim. Partner Michael Sanders and associate Alexi Stocker advised on regulatory-related matters.