Cemex Pours Ready Mix Proceeds On Debt

Cemex – whose Ready Mix USA joint venture is selling 12 quarries and other assets to San Francisco-based private equity shop SPO Partners for $420m – says it will use the proceeds to pay down more bank debt. Cemex owns a 49.9% stake in Ready Mix, and stands to receive $100m from the sale of non-strategic assets. The Mexican company says it will use the cash to continue paying down a $15bn mountain of debt it renegotiated last October. Other parts of the prepayment effort include $1.7bn from Holcim Australia, $2.2bn in equity and mandatory converts issued last year, and $2.3bn in USD and MXP denominated bonds, says the company.