Cemex Sells Local Converts

Cemex Sells Local Converts

Mexico

Fresh off a $1.77bn dual-currency cross-border issue Wednesday, Cemex promptly issued MXP4.1bn in domestic convertible bonds via exchange offer Thursday. The Cement maker sold new 10% coupon bonds convertible into its CPO shares, it says, to fund the repurchase of MXP4.1bn in various local bonds maturing 2010-2012 through a tender closed Wednesday. Conversion is mandatory at maturity or if the Cemex CPO price reaches MXP35.88. Holders can convert them after 1 year on interest payments dates. The

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