Cemex SAB (CEMEXCPO), the largest cement maker in the Americas, sold bonds in dollars and euros today as it looks to buy back securities due between 2017 and 2020.
The company, based in Monterrey, Mexico, priced $1 billion of 6 percent debt due 2024 and 400 million euros ($553 million) of 5.25 percent notes maturing in 2021, according to data compiled by Bloomberg.
Cemex plans to use the proceeds of the euro notes to buy back 130 million euros of 9.625 percent bonds due 2017 and 115 million euros of 8.875 percent notes due 2017, according to a company statement. The proceeds of the dollar bond sale will be used to purchase a portion of the 9.25 percent notes due 2020 and 9 percent bonds due 2018.
Citigroup Inc., HSBC Holdings Plc, JPMorgan Chase & Co., Credit Agricole SA and Banco Santander SA are managing the sale, according to the person familiar with the offering.
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