Cemex said Tuesday it has placed US$715m in five-year convertible notes, including all US$65m of an overallotment offered to initial buyers,
The company said it will use the proceeds from the placement to pay down debt and for general corporate purposes.
The subordinate convertible notes pay annual interest of 4.875 per cent.
Part of the money also will be used to pay for a capped transaction that Cemex entered into with an affiliate of one of the initial buyers. The option is expected to lower the overall cost to Cemex on future conversion of the notes, the company said in a press release.
Source: Dow Jones Newswires