GHR advised CEMEX in U.S.$1.75 billion Offering of its 3.875% Senior Secured Notes due 2031

On January 7, 2021, CEMEX, S.A.B. de C.V. (NYSE: CX), the global building materials company, announced the pricing of U.S.$1.75 billion of its 3.875% Senior Secured Notes due 2031 denominated in U.S. Dollars. The Notes bear interest semi-annually at an annual rate of 3.875% and mature on July 11, 2031. The closing of the offering occurred on January 12, 2021. GHR Rechtsanwälte represented CEMEX in connection with the offering.

The Notes share in the collateral pledged for the benefit of the lenders under the July 19, 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., 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.

BNP PARIBAS, Citigroup, Credit Agricole CIB, J.P. Morgan, BBVA, IMI-Intesa Sanpaolo, Mizuho Securities and Santander acted as joint book-running managers of the offering. The offering was conducted as a private placement under Rule 144A and outside of the United States pursuant to Regulation S of the Securities Act of 1933. 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 Roger Saldaña Madero and Guillermo F. Hernandez acted as legal advisors to CEMEX on Mexican law, and Antonio Iván Sánchez Ugarte advised CEMEX as to Spanish law. Cleary Gottlieb Steen & Hamilton LLP (New York) advised the joint bookrunning managers as to U.S. law. Galicia Abogados, S.C. (Mexico) advised the bookrunners as to Mexican law.

The GHR team was composed of partners Marc Grüninger (Lead, Corporate/M&A, Finance), Markus Brülhart (Corporate/M&A, Finance), and Gerhard Roth (Tax), as well as senior associate Stephan Hofer (Corporate/M&A, Finance) and associate Jil Suter (Corporate/M&A, Finance).

CEMEX won the 2020 Corporate Issuer of the Year Award from Latin Finance for its various notes offerings in 2020.

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