GHR Rechtsanwälte represented long-standing client CEMEX, S.A.B. de C.V. (NYSE: CX), the global building materials company, in a notes offering. The notes offering consists of an offering of U.S.$1. billion aggregate principal amount of 7.375% senior secured notes due 2027 denominated in U.S. Dollars.
BBVA Securities Inc., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc. and J.P. Morgan Securities LLC, BofA Securities, Inc., HSBC Securities (USA) Inc., ING Financial Markets LLC and Mizuho Securities USA LLC acted as joint book-running managers of the offering. The closing of the offering occurred on June 5, 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 for the Notes to be 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, 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 and Guillermo F. Hernandez) and Spanish (Juan Pelegrí y Girón) 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 partner Markus Brülhart (Corporate/M&A, Finance), senior associate Stephan Hofer (Corporate/M&A, Finance) and junior associate Nina Häberli.
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