Cemex sells bond, covers debt until 2013

Cemex sells bond, covers debt until 2013
Published: 30 March 2011

Cemex sold US$800m in four-year bonds on Tuesday, its third bond issue this year, and said it now had almost enough money to pay creditors and avoid a penalty.

Cemex sold the senior secured floating rate bonds denominated in dollars, the company said in a statement.

It sold US$1bn of bonds in January and US$1.67bn of convertible notes earlier this month, pulling together funds to repay US$2.3bn in debt this year under a deal with its creditors and to avoid a US$200m fine.

"As a result of this expected prepayment ... Cemex will have addressed all maturities under the agreement until December 2013 ... and repaid approximately 98 per cent of the total amount required to be repaid by December 31, 2011," the company said.