GHR advises CEMEX in $1.00 Billion Offering of Senior Secured Notes

GHR Rechtsanwälte represented CEMEX, S.A.B. de C.V. (NYSE: CX), the global building materials company, in a U.S.$1. billion aggregate principal amount offering of Senior Secured Notes. The Notes are denominated in U.S. Dollars and bear interest semi-annually at an annual rate of 5.200%. They mature on September 17, 2030.

BNP Paribas Securities Corp., BofA Securities, Inc. and J.P. Morgan Securities LLC, HSBC Securities (USA) Inc., ING Financial Markets LLC, Intesa Sanpaolo S.p.A. and Santander Investment Securities Inc. acted as joint book-running managers of the offering. The closing of the offering occurred on September 17, 2020.

The Notes share in the collateral pledged for the benefit of the lenders under a 2017 Facilities Agreement (as amended) and other secured obligations having the benefit of such collateral, and are guaranteed by CEMEX Concretos, S.A. de C.V., New Sunward Holding B.V., CEMEX España, S.A., Cemex Asia B.V., CEMEX Corp., CEMEX Finance LLC, Cemex Africa & Middle East Investments B.V., CEMEX France Gestion (S.A.S.), Cemex Research Group AG and CEMEX UK.

CEMEX intends to use the net proceeds from the offering of the Notes for general corporate purposes, including to repay other indebtedness.

The offering was conducted as a private placement under Rule 144A of the Securities Act of 1933 and outside of the United States pursuant to Regulation S. Application has been made to list the Notes on Euronext Dublin and to trade them on the Global Exchange Market.

Skadden, Arps, Slate, Meagher & Flom LLP (New York, London and Paris) advised CEMEX as to U.S., U.K. and French law. Warendorf (Amsterdam) advised CEMEX as to Dutch law. CEMEX in-house counsels acted as legal advisors to CEMEX on Mexican (Roger Saldaña Madero and Guillermo F. Hernandez) and Spanish (Antonio Iván Sánchez Ugarte) law matters. Cleary Gottlieb Steen & Hamilton LLP (New York) advised the bookrunners as to U.S. law. Galicia Abogados, S.C. (Mexico) advised the bookrunners as to Mexican law.

The GHR team was led by partner Marc Grüninger (Corporate/M&A, Finance) and included partners Markus Brülhart (Corporate/M&A, Finance), Gerhard Roth (Tax), senior associate Stephan Hofer (Corporate/M&A, Finance) and associate Jil Suter (Corporate/M&A, Finance).