Mexican cement maker Cemex SA completed its secondary share offering Wednesday, raising about $1.53 billion, the Mexican Stock Exchange said. The exchange said in a press release that including over-allotments, Cemex placed 80.5 million CPO shares at 53.89 pesos each in Mexico, and 22.9 million American Depositary Shares at US$49.50 an ADS in international markets.
The secondary offering is related to company stock options, which triggered when Cemex shares broke above the knock-out price in June. Cemex had stock forwards in place to hedge against dilution from the options, and will use proceeds to settle the forward contracts. Cemex will use any leftover proceeds to lower debt.