Cemex Reaches 2011 Obligations

Cemex has repaid approximately 98% of the total amount required by December 31 under its 2009 debt restructuring agreement, it says, following Tuesday’s $800m floating-rate bond sale. The cement maker, which restructured $15bn with banks in 2009, avoids a 50bp step-up to the refinanced debt’s interest rate of Libor plus 450bp. Cemex has also repaid 50% of the original balance outstanding under the agreement, and has addressed all maturities under the agreement until December 2013, it says. It sold $800m in 2015 bonds paying Libor +500bp Tuesday, getting $1.9bn in orders. Cemex also sold $1bn of bonds in January and $1.67bn of convertible bonds earlier this month.