Cemex issued US$800m in floating-rate senior secured notes denominated in US dollars, the company said late Tuesday.
The notes priced at Libor plus 500 bps, with an OID of 99, bringing the total yield to Libor plus 525 bps. Bank of AmericaMerrill Lynch, JPMorgan and RBS served as the bookrunners.
The company will use the proceeds to prepay outstanding debt under a credit facility it received in 2009. It expects to avoid a 50 bps increase in the annual interest rate of the debt, which has roughly US$8bn outstanding.
Last year, Cemex issued US$1.5bn in 9.25% senior notes due 2020; in 2009, the company priced US$1.25bn in 9.5% senior notes due 2016. The company also has several tranches of peso and euro-denominated bonds.