Cemex holders tender €181 million 9 5/8% notes, $470 million 9½% notes

By Susanna Moon

Chicago, Oct. 24 - Cemex, SAB de CV announced the results of two separate tender offers for notes issued by Cemex Finance LLC.

The company was tendering for €220 million of the 9 5/8% senior secured notes due 2017 and any and all of the $825 million of 9½% senior secured notes due 2016. The tender offer cap for the 9 5/8% notes was lifted from €150 million on Oct. 3. The tender offers began Sept. 26.

Holders had tendered about €181,205,000 of 9 5/8% notes and $470,249,000 of 9½% notes by the end of the tender offers at 11:59 p.m. ET on Oct. 23, according to separate company press releases.

That compares with tenders for €179,405,000 of 9 5/8% notes and $469,949,000 of 9½% notes as of 5 p.m. ET on Oct. 8, the early tender date. The early tendered 9 5/8% notes were settled on Oct. 10, and the early tendered 9½% notes were settled on Oct. 9.

After final settlement, there will be €168,795,000 of 9 5/8% notes and $354,751,000 of 9½% notes left outstanding.

As previously noted, the total purchase price was $1,062.50 for each $1,000 principal amount of 9½% notes and €1,063.50 for each €1,000 principal amount of 9 5/8% notes tendered by the early tender date.

The total payment in each case included an early tender premium of $30 or €30 per $1,000 or €1,000 of notes.

Those who tendered after the early date received $1,032.50 per $1,000 of 9½% notes and €1,033.50 per €1,000 of 9 5/8% notes.

Holders also received accrued interest to but excluding the settlement date.

If the amount of tendered notes exceeded the tender cap in the offer for the 9 5/8% notes, the notes would be purchased on a prorated basis, the company previously said.

The tender offer was conditioned on Cemex issuing at least $1.2 billion of senior secured notes.

BofA Merrill Lynch (888 292-0070 or collect 646 855-3401) and Citigroup Global Markets Inc. (800 558-3745 or collect 212 723-6106) were the dealer managers.

The information agent and tender agent was D.F. King (Europe) Ltd. (+44 0 20 7920 9700 or in the United States 800 488-8035 or collect 212 269-5550).

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

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