Cemex begins swap of up to US$951m in securities

Cemex begins swap of up to US$951m in securities
Published: 12 November 2009

Cemex offered on Wednesday to replace commercial paper with up to MXP12.5bn in convertible securities as part of its debt refinancing.

Cemex  convinced its creditors to refinance US$15bn in bank and bondholder debt until 2014, but has agreed to sell assets and raise capital via equity and bond issues.

"The amount of the offer is for a minimum of MXP3bn and a maximum of MXP12.5bn," the company said in a statement to the Mexican stock exchange. The company said the offer would be from November 11 through December 9.

Under the terms of the deal, Cemex will issue 10-year securities that can be converted into a maximum of 400 million shares on the Mexican bourse.