CEMEX, S.A. de C.V. successfully completes tender offer for 8 7/8% notes due june 10, 1998 and simultaneous new debt issues
July 17, 1996
CEMEX, S.A. de C.V. (OTC:CMXBY) announced today the successful completion of its refinancing of its US$1 billion notes maturing 1998, increasing the average life of its debt from approximately 2 1/2 years to 4 years after taking into account other transactions recently announced by the company.
Of the US$1 billion outstanding 8 7/8% notes, U$541 million were tendered reflecting investors confidence in CEMEX. At the same time, the company placed US$600 million in two new financings as was originally planned; US$300 million 4 years term and US$300 million 10 year term. The excess borrowings of $59 million over the amount tendered, will be used to reduce short term debt.
The notes were placed with a broad group of over 40 institutions in the US and Europe, significantly expanding the Company´s existing investor base.
The notes will not be registered under de U.S. Securities Act of 1933 and may not be offered or sold in the United States absent an applicable exemption from the registration requirements of such Act.