Cemex launches buyback offer

Cemex launches buyback offer

Bonds

Following a dual-tranche bond sale in which Cemex raised $1.5bn, the Mexican cement maker has launched a tender offer to buy back up to $1.08bn of outstanding paper. It is giving first priority in the buyback to a $1.19bn 9.25% 2020 senior secured bond issued by Cemex Espana, with the offer also open to a $1.65bn 9% 2018 secured bond, which takes second priority. It is offering a cash price of 110.25 on the 2020, and 109.25 on the 2018, both including a 3-cent early tender premium for bondholder

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