Cemex begins swap of up to US$951m in securities
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. Published under Cement News
