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CEMEX Announces Early Tender Results For Certain Senior Secured Notes And Early Settlement Of Tender Offer

Stocks in this article: CX

CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX) announced today that holders of U.S.$597,153,000 of the outstanding 9.250% Senior Secured Notes due 2020 (the “2020 Notes”) issued by CEMEX España, S.A., acting through its Luxembourg Branch, and U.S.$602,580,000 of the outstanding 9.000% Senior Secured Notes due 2018 (the “2018 Notes” and, together with the 2020 Notes, the “Notes”) issued by CEMEX tendered their Notes at or prior to the early tender deadline of 5:00 p.m., New York City time, on April 7, 2014 (the “Early Tender Date”), pursuant to CEMEX Finance LLC’s (“CEMEX Finance”) previously announced cash tender offer (the “Tender Offer”) to purchase up to U.S.$1,080 million (the “Aggregate Maximum Tender Amount”) of the outstanding Notes. The Tender Offer is being made pursuant to the Offer to Purchase dated March 25, 2014 and the related letter of transmittal.

The following table summarizes the early tender results as of the Early Tender Date and the principal amount of Notes that CEMEX Finance has accepted for purchase, as well as the proration factor for the 2018 Notes:

               
Title of Security Issuer CUSIP / ISIN Aggregate Principal Amount Outstanding Total Consideration Acceptance Priority Level Principal Amount Tendered Principal Amount Accepted for Purchase Proration Factor

9.250% Senior Secured Notesdue 2020

CEMEX España, S.A., acting through its Luxembourg Branch 151288AA5 /US151288AA51

E28087AA7 /USE28087AA77

U.S.$1,192,996,000 U.S.$1,102.50 per U.S.$1,000 Principal Amount 1 U.S.$597,153,000 U.S.$597,153,000 N/A
 
9.000% Senior Secured Notesdue 2018 CEMEX, S.A.B. de C.V. 151290AW3 /US151290AW36P2253THR3 /USP2253THR34 U.S.$1,650,000,000 U.S$1,092.50 per U.S.$1,000 Principal Amount 2 U.S.$602,580,000 U.S.$482,847,000 78.54% (1)
 

(1) If, after applying such proration factor, any holder of tendered 2018 Notes would be entitled to a credit or return of a portion of tendered 2018 Notes that is less than the minimum authorized denomination for such 2018 Notes, then all of the 2018 Notes tendered by the holder will be accepted without proration.

 

Because Notes in excess of the Aggregate Maximum Tender Amount have been validly tendered in the Tender Offer on or prior to the Early Tender Date, CEMEX Finance has accepted for purchase all U.S.$597,153,000 of the tendered 2020 Notes and only U.S.$482,847,000 of the tendered 2018 Notes. CEMEX Finance will pay holders of 2018 Notes tendered on or prior to the Early Tender Date on a pro rata basis according to the pro ration procedures described in the Offer to Purchase. The early settlement date on which CEMEX Finance will make payment for such 2020 Notes and 2018 Notes accepted in the Tender Offer is expected to be April 9, 2014 (the “Early Settlement Date”). Holders of Notes who tender after the Early Tender Date will not have any of their Notes accepted for purchase. Any tendered Notes that are not accepted for purchase will be returned or credited without expense to the holder’s account.

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