GHR Rechtsanwälte advised CEMEX on its issuance of U.S.$1 billion aggregate principal amount of new Senior Secured Notes
GHR Rechtsanwälte AG represented CEMEX (NYSE: CX), the global building materials company, on matters of Swiss law in connection with its November 2019 high-yield global debt offering. Different financial institutions acted as initial purchasers and joint bookrunners.
The transaction consisted of an offering of U.S.$1 billion of its 5.450%% senior secured notes due 2029 issued and sold by CEMEX. The Notes share in the collateral pledged for the benefit of the lenders under a 2017 Facilities Agreement and are guaranteed by several CEMEX Group companies in Mexico, the United States, the United Kingdom, Spain, France, the Netherlands, and Switzerland. The net proceeds from the offering of the Notes are being used by CEMEX 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. The Notes are listed and traded on the Global Exchange Market of Euronext Dublin, which is the exchange regulated market of Euronext Dublin.
Skadden, Arps, Slate, Meagher & Flom LLP (New York and London) advised CEMEX as to U.S. and U.K. law. Warendorf (Amsterdam) advised CEMEX as to Dutch law. Cleary Gottlieb Steen & Hamilton LLP (New York) advised the bookrunners as to U.S. law. Galicia Abogados, S.C. (Mexico) advised the bookrunner as to Mexican law. CEMEX in-house counsels acted as legal advisors to CEMEX on Mexican (Roger Saldaña and Guillermo F. Hernandez), Spanish (Juan Pelegri) and French (Guillaume Souchon) law matters.
The GHR team was led by partner Marc Grüninger (Corporate/M&A, Finance) and comprised partners Markus Brülhart (Corporate/M&A, Finance), Gerhard Roth (Tax), associate Stephan Hofer (Corporate/M&A, Finance) and junior associates Jennifer Wellig and Lejla Tabakovic.