GHR Rechtsanwälte advised CEMEX in connection with the successful extension of its Facilities Agreement
GHR Rechtsanwälte AG advised CEMEX, S.A.B. de C.V. (NYSE: CX), the global building materials company, as to Swiss law on the amendment process under its July 2017 Facilities Agreement with several financial institutions which successfully closed in October 2020. As part of this amendment process, CEMEX extended approximately US$1.1 billion of term loan maturities by 3 years, from 2022 to 2025, and approximately US$1.1 billion of commitments under the revolving credit facility by one year, from 2022 to 2023. In addition, CEMEX will prepay about US$530 million corresponding to the July 2021 amortization under the Facilities Agreement to those institutions participating in the extension.
Aligned with CEMEX’s Climate Action Strategy and the company’s ultimate vision of a carbon-neutral economy, tranches under the Facilities Agreement amounting to approximately US$3.2 billion will incorporate five sustainability-linked metrics, including reduction of net CO2 emissions per cementitious product and power consumption from green energy in cement, among other indicators.
CEMEX in-house counsels (Roger Saldaña and Guillermo F. Hernandez) acted as legal advisors to CEMEX on Mexican and general law matters.
Slaughter and May (London) advised CEMEX as lead counsel and as to UK law. Skadden, Arps, Slate, Meagher & Flom LLP (New York and Paris) advised CEMEX as to U.S. and French law. Warendorf (Amsterdam) advised CEMEX as to Dutch law.
The GHR team was led by partner Marc Grüninger (Corporate/M&A, Finance) and included partner Markus Brülhart (Corporate/M&A, Finance), senior associate Stephan Hofer (Corporate/M&A, Finance) and associate Jil Suter (Corporate/M&A, Finance).