Last €10.13 EUR
Change Today -0.146 / -1.42%
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As of 2:16 AM 10/2/14 All times are local (Market data is delayed by at least 15 minutes).

cemex sab-spons adr part cer (CEXA) Snapshot

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09/8/14 - €10.50
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11/8/13 - €7.09
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cemex sab-spons adr part cer (CEXA) Details

CEMEX, S.A.B. de C.V. produces, markets, distributes, and sells cement, ready-mix concrete, clinker, aggregates, and other construction materials for home construction and concrete pavement applications. It also offers complementary construction products, such as asphalt products; concrete blocks; roof tiles; architectural products; concrete pipes; and other precast products, such as rail products, concrete floors, box culverts, bridges, drainage basins, barriers, and parking curbs. In addition, it is engaged in the trade of cement, clinker, granulated blast furnace slag, special mortars, and other products; and sale of information technology solutions and services. Further, it offers building solutions for housing projects, pavement projects, and green building consultancy services. The company has operations in Mexico, the United States, Northern Europe, the Mediterranean, South America, Central America, the Caribbean, and Asia. CEMEX, S.A.B. de C.V. was founded in 1906 and is based in Garza Garcia, Mexico.

43,875 Employees
Last Reported Date: 07/19/14
Founded in 1906

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cemex sab-spons adr part cer (CEXA) Key Developments

CEMEX Obtains New Bank Loan Under Improved Conditions

CEMEX, S.A.B. de C.V. announced that it has entered into a new credit agreement for $1.35 billion, with nine of the main lending banks from its Facilities Agreement dated September 17, 2012. The main terms of the new Credit Agreement, which represent an improvement over the main terms of the existing Facilities Agreement, are as follows: An average 4-year term with equal semi-annual payments of principal of 20% each, beginning on the third anniversary of the Credit Agreement and with the last payment on September 2019. A spread over LIBOR of between 250 and 375 basis points, depending on the level of leverage of CEMEX. A revolving credit tranche of 40% of the total principal amount with the same maturity. Improvements in certain covenants and undertakings that will provide more flexibility to CEMEX. The proceeds from the Credit Agreement will initially be used to refinance $1.35 billion of indebtedness under the Facilities Agreement. Following such repayment, and along with the repayment of $350 million from the proceeds of its senior secured notes issued on September 11, 2014, CEMEX will have repaid an aggregate amount of $1.7 billion of indebtedness under the Facilities Agreement during September and October of 2014, reducing the total outstanding principal balance to approximately $2.475 billion and avoiding a contingent payment of a quarterly fee of 0.50% over the outstanding amount under the Facilities Agreement from the third quarter of 2015 onwards. In a second phase of this process, which begins today, CEMEX will be inviting other banks to participate in this transaction, with any additional funds also to be applied initially toward the repayment of indebtedness under the Facilities Agreement. The Credit Agreement includes the same guarantors as the Facilities Agreement and shares in the same collateral pledged in favor of the lenders under the Facilities Agreement and other secured obligations of CEMEX. The Credit Agreement contains similar collateral release provisions as the Facilities Agreement. Leverage and interest coverage covenants in the Credit Agreement will mirror those currently established in the Facilities Agreement until December 2016. Thereafter, for the period commencing after December 2016 and up to September 2019, the leverage and interest coverage covenants will be set at a maximum of 4.25x and a minimum of 2.25x, respectively. The terms of the Credit Agreement provide CEMEX greater flexibility to obtain financing and to make investments than the terms under the existing Facilities Agreement. In addition, the mandatory prepayments framework in the Credit Agreement allows more discretion to CEMEX in the use of its cash, as compared to the existing Facilities Agreement. Additionally, CEMEX will submit a consent request to amend the Facilities Agreement to conform the terms of certain provisions of the Facilities Agreement to those of the Credit Agreement. Such amendments require the approval of 66.67% of the current creditors under the Facilities Agreement. However, if any of the requested amendments to the Facilities Agreement are not obtained within 90 days from the signing of the Credit Agreement, the respective provisions of the Credit Agreement shall be amended to reflect current conditions in the Facilities Agreement. The nine banks that are currently participating in the Credit Agreement as joint mandated lead managers and joint bookrunners and that are, directly or through their affiliates, also lenders are Banco Santander (México), S.A., Institución de Banca Múltiple; Grupo Financiero Santander México; BBVA Securities Inc.; BNP Paribas Securities Corp.; Citigroup Global Markets Inc.; Crédit Agricole Corporate and Investment Bank; HSBC México, S.A., Institución de Banca Múltiple, Grupo Financiero HSBC; ING Capital LLC; J.P. Morgan Securities LLC; and Merrill Lynch, Pierce, Fenner & Smith Incorporated.

CEMEX, S.A.B. de C.V. Announces Holders of $592,520,000 of the Outstanding 9.000% Senior Secured Notes Due 2018

CEMEX, S.A.B. de C.V. announced that holders of $592,520,000 of the outstanding 9.000% Senior Secured Notes due 2018 issued by CEMEX and $365,146,000 of the outstanding 9.250% Senior Secured Notes due 2020 issued by CEMEX España, S.A., acting through its Luxembourg Branch, tendered their Notes at or prior to the early tender deadline of 5:00 p.m., New York City time, on September 17, 2014, pursuant to the company's previously announced cash tender offer to purchase up to $1,175 million of the outstanding Notes. The Tender Offer is being made pursuant to the Offer to Purchase dated September 4, 2014 and the related letter of transmittal.

CEMEX, S.A.B. de C.V. Announces Tender Offer for 9.000% Senior Secured Notes Due 2018

CEMEX, S.A.B. de C.V. announced that it has commenced a tender offer to purchase up to $1,175,000,000 of the outstanding 9.000% Senior Secured Notes due 2018 issued by company.


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