Cemex announces pricing of senior notes

Leading Mexican cement major Cemex priced US$1.4bn in senior notes Wednesday. The debt sale comes after the Mexican government's issuance Monday of US$3.9bn in 10-year global bonds, of which around US$2.5bn were used to extend the average maturity of the government's foreign debt.

Cemex said it priced US$1bn in notes due 2021 with fixed annual interest of 7.25 per cent, and US$400m in notes due 2018 that will pay a floating rate of 4.75 percentage points above three-month Libor.

The company plans to use the proceeds to repurchase dollar-denominated notes due 2016, and euro-denominated notes maturing in 2017, which carry annual interest of 9.5 per cent and 9.625 per cent, respectively.