Cemex completes MXN$2.2bn securitisation of accounts receivables
Cemex announced today that it has successfully raised MXN$2.2bn (approximately US$160m), through the securitisation of accounts receivables of the company’s Cemex Mexico and Cemex Concretos units.
To fund the transaction, a trust (at HSBC Mexico) issued receivables-backed bonds maturing on December 29, 2011. This transaction does not represent new debt for Cemex as it is a sale of receivables on a non-recourse basis.
The bonds were priced at a spread of 250bps over the 28-day TIIE interbank rate and were assigned an “mxAAA” rating by Standard & Poor’s and “HRAAA” by HR Ratings. The issuance was oversubscribed 1.3 times. Published under Cement News
