Cemex Retaps FRN, Gets Ratings Lift

Cemex reopened its 2018 floating rate bond to raise an additional $100m, it says, adding to Wednesday’s original $400m sale. The bond paying Libor+475bp reopened at par. Bank of America Merrill Lynch and Citi, BBVA and RBS managed, with BAML and Citi also running a tender for existing 2016 and 2017 bonds. Meanwhile, an improved capital structure has led S&P to raise Cemex’s rating to B+ from B, the agency says. Its financial profile has “recovered and is in line with our expectations for 2013. The company continues to improve its capital structure through proactive debt management,” it says. It also highlights favorable revenue growth expectations in the medium term, and additional improvement to financial indicators in the next 12-18 months. The outlook is stable.