Cemex Said to Delay $500 Million Bond Sale After Drop
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Cemex SAB, the largest cement maker in the Americas, delayed a $500 million bond sale aimed at helping refinance $4.1 billion of debt coming due this year, said a person familiar with the offering.
Cemex put the sale on hold after its borrowing costs surged amid a tumble in global financial markets and may revive the offering as early as next week, according to the person, who spoke on the condition he not be identified because he’s not authorized to speak publicly. The cost of protecting Cemex’s debt against default jumped today to the highest since at least November 2005, according to Bloomberg data.