Cemex Retaps FRN, Gets Ratings Lift

Cemex Retaps FRN, Gets Ratings Lift

Mexico Bonds Corporate & Sovereign Strategy

Cemex reopened its 2018 floating rate bond to raise an additional $100m, it says, adding to Wednesday's original $400m sale. The bond paying Libor+475bp reopened at par. Bank of America Merrill Lynch and Citi, BBVA and RBS managed, with BAML and Citi also running a tender for existing 2016 and 2017 bonds. Meanwhile, an improved capital structure has led S&P to raise Cemex's rating to B+ from B, the agency says. Its financial profile has "recovered and is in line with our expectations for 2013. T

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