Grupo Cementos de Chihuahua’s $260 Million High-Yield Bond Offering
June 23, 2017
Cleary Gottlieb represented Grupo Cementos de Chihuahua, S.A.B. de C.V. (GCC) in a high-yield bond offering and concurrent liability management transaction.
The Rule 144A/Regulation S offering, which consisted of $260 million 5.250 percent senior notes due 2024, priced on June 20, 2017, and closed on June 23, 2017. GCC used the proceeds of the offering to purchase any and all of its outstanding 8.125 percent senior secured notes due 2020 through a cash tender offer and consent solicitation launched on June 7, 2017, and to redeem any untendered senior secured notes.
BBVA Securities, Citigroup Global Markets Inc. and Scotia Capital (USA) Inc. acted as initial purchasers for the offering. Citigroup Global Markets Inc. also acted as dealer manager for the tender offer and consent solicitation.
GCC is a leading supplier of cement, aggregates, concrete and construction-related services in the United States and Mexico. Founded in 1941, GCC’s shares trade on the Mexican Stock Exchange under the ticker symbol GCC*.