Cemex Adds Convert Overallotments

Cemex has raised a total of $1.67bn from its March 9 convertible bond sale, after exercising the overallotment options on the deal to increase from the original $1.4bn. The sale allowed the Mexican cement maker to meet a stipulation in its 2009 loan refinancing to raise at least $1bn in equity by year-end 2011. It originally sold an $800m 3.25% of 2016 tranche and a $600m 3.75% of 2018 tranche. Both parts come with a 30.0% conversion premium, and are convertible at maturity. Citi and JPMorgan were active bookrunners, with BAML, Barclays, BBVA, BNP Paribas, HSBC, ING, RBS, and Santander running passive books.