Cemex Passes Target, Aims Higher

Cemex Passes Target, Aims Higher

Mexico Bonds

Despite clinching the 85% creditor acceptance level needed to extend maturities on more than $7bn in debt, Cemex is extending the deadline of its exchange offer in the hopes of topping 95%. The Mexican cement maker has reached more than 90%, it says, with an additional 1.5% expressing interest in participation, and has pushed the deadline to September 7. “It is very ambitious, and technically they have the 85% needed to amend covenants. Anything else is gravy at this point,” says a New York-base

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