Cemex $2 billion refinancing

Overview:

• Cemex, one of the five largest multinational producers of cement in Spain, has entered into an approximately $2 billion refinancing agreement which was effected by an amendment to Cemex's senior syndicated facilities agreement entered into in 2014.
• The amendment allowed the refinancing lenders to accede by way of an accordion mechanism and allowed one of the tranches to be committed and borrowed in euro.
• The refinancing exercise also included a mechanism to allow the maturity of certain tranches to be extended.
• BBVA Securities and Banco Santander (México) were joint lead arrangers and joint bookrunners in relation to a group of 21 lenders funding this refinancing.
• Citibank International acted as agent.
• Wilmington Trust (London) was the security agent.

Wai Yee Tsang - Journalist