DEAL OF THE YEAR: Corporate Liability Management

DEAL OF THE YEAR: Corporate Liability Management

Mexico Bonds Corporate & Sovereign Strategy

Cemex’s $7.2 billion maturity payment due in 2014 was always going to be difficult to meet, even in the best of times for the global construction industry. But the three years since the $15 billion restructuring that saved Cemex’s life have been among the toughest ever for the sector. To head off another disaster, Cemex would again have to sell creditors on the soundness of its post-crisis recovery efforts and convince the markets to give it more time. The result was the extension of $6.6 billion in debt, giving the company breathing room as it sells assets and raises equity. “This was an extremely important transaction for Cemex as the majority of its debt was bank debt maturing in 2014,

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