Mexico's Cemex launches $1.5 billion 10-year secured notes at 9 3/8%

By Paul A. Harris

Portland, Ore., Oct. 4 - Cemex Finance LLC launched a $1.5 billion offering of 10-year senior secured notes (/B-/B+) at 9 3/8% late Thursday afternoon, according to a market source.

Final terms were expected to be announced shortly thereafter. However those terms were unavailable at press time.

J.P. Morgan Securities LLC, Barclays, RBS Securities Inc., Credit Agricole Securities (USA) Inc., HSBC Securities (USA) Inc. and ING Financial Markets LLC are the bookrunners for the Rule 144A and Regulation S for life deal.

The notes will be non-callable for five years, and proceeds will be used to repay bank debt.

Cemex is a Monterrey, Mexico-based building materials supplier and cement producer.

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