Cemex shareholders approve issue of new shares worth US$2bn

Cemex shareholders approve issue of new shares worth US$2bn
Published: 07 September 2009

Shareholders of Cemex have approved a resolution to issue US$2bn worth of shares, equivalent to 1.6bn ordinary participating certificates (CPOs), according to a company release.

The resolution, approved at an extraordinary general shareholders meeting, will allow the subscription and payment of CPOs to be carried out by a public offering or through issuing convertible bonds, either of which would have to be done within a period of 24 months.

In August, Cemex completed its plan to refinance some US$15.5bn of outstanding debt, corresponding to syndicated and bilateral obligations.

The refinancing plan extends the maturities of these liabilities with approximately 75 banks and private placement note holders, providing for a semi-annual amortization schedule, with a final maturity of February 14, 2014.