Cemex sees early-bird tender take up
Mexican cement company Cemex will purchase at least $470m of its 9.5% 2016s and €179m of its 9.625% 2017s — or 60% and 81% of the respective targeted buy back amounts — after the early-bird period of its tender offer expired on October 8.
Cemex launched the tender offer on September 25, the day it sold $1.4bn of new bonds to finance the debt buy back — $1bn of fixed rate 2021s yielding 7.25%, and $400m of 2019 floating rate notes offering 475bp over Libor.
The following day, Standard &
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