CEMEX’s €400 Million Global Bond Offering
March 19, 2019
Cleary Gottlieb represented initial purchasers BNP Paribas, BofA Merrill Lynch, Citigroup, and Santander in a high-yield global debt offering by CEMEX.
The transaction consisted of an offering of €400 million 3.125% senior secured notes due 2026 issued and sold by CEMEX, and guaranteed by several subsidiaries of CEMEX located in Mexico, the United States, the United Kingdom, Spain, France, the Netherlands, and Switzerland.
CEMEX used the proceeds of the offerings for general corporate purposes, including to repay existing indebtedness. The offering was conducted as a private placement under Rule 144A of the Securities Act of 1933 and outside of the United States in reliance on Regulation S. The transaction priced on March 12, 2019, and closed on March 19, 2019.
Cleary has been counsel in a number of CEMEX-related matters, including as counsel to the bank steering committees in CEMEX’s restructuring of approximately $15 billion of its debt in 2009 and further restructuring of approximately $7 billion in 2012. Since 2009, Cleary has acted as counsel to initial purchasers in the issuance of approximately $19.5 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.