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CEMEX ANNOUNCES EXPIRATION OF OFFER TO PURCHASE ITS 9.41 PERCENT GUARANTEED NOTES DUE 1996; CONSENT SOLICITATION SUCCESSFUL

 CEMEX ANNOUNCES EXPIRATION OF OFFER TO PURCHASE ITS 9.41 PERCENT
 GUARANTEED NOTES DUE 1996; CONSENT SOLICITATION SUCCESSFUL
 MONTERREY, Mexico, Sept. 16 /PRNewswire/ -- Cemex, S.A. (ADRs - OTC: CMXBY), announced today that it has received sufficient consents to authorize amendments to the indenture relating to its 9.41 percent guaranteed notes due 1996 requested in connection with Cemex's acquisitions of Compania Valenciana de Cementos Portland, S.A. ("Valenciana"), and La Auxilar de la Construccion S.A. ("Sanson"). The offer to purchase the guaranteed notes due 1996 and the related consent solicitation, which were made by Cemex's subsidiary, Badenoch Corporation, expired at 12:00 midnight New York City time on Tuesday, Sept. 15, 1992.
 Cemex recently announced the acquisitions of Valenciana and Sanson, the two largest cement companies in Spain. The amendments to the Indenture were sought to relieve Valenciana and Sanson, each of which had remaining minority stockholders in Spain, of the obligation under the indenture to guarantee the Cemex and Tolmex 9.41 percent guaranteed notes issued in 1991.
 Badenoch has been informed by its depositary, Morgan Guaranty Trust Company of New York, that, as of the expiration of the offer and solicitation, tenders with respect to approximately $83 million in principal amount of the 9.41 percent guaranteed notes due 1996, and consents with respect to approximately $276 million (out of $425 million in 9.41 percent guaranteed notes due 1996 outstanding) have been received.
 All of the 9.41 percent guaranteed notes due 1996 validly tendered have been accepted for payment by Badenoch. Holders of validly tendered 9.41 percent guaranteed notes due 1996 will be paid an aggregate amount in cash equal to 98.0 percent of the principal amount of such notes (US$980 per US$1,000 principal amount), plus accrued and unpaid interest at the net rate of approximately 8.0 percent. Consenting holders that did not tender their 9.41 percent guaranteed notes due 1996 will be paid an aggregate amount in cash equal to 0.5 percent of the principal amount of such notes (US$5 per US$1,000 principal amount) in appreciation of their consent.
 Lorenzo Zambrano, chief executive officer of Cemex, said: "We are very pleased with the results of our tender offer and consent solicitation and we appreciate the support Cemex has received from so many of our noteholders. These results convey their confidence in our global strategy and in the creditworthiness of Cemex."
 According to Gustavo Caballero, chief financial officer of Cemex, "Although the Spanish acquisitions prompted the need to amend the indenture, the acquisition of Spain's two leading cement producers will allow Cemex to achieve higher -- and more diversified and stable -- earnings, while the company obtains a strong foothold in the EEC markets and enhances its position in the global cement industry.
 "Cemex expects to consolidate the two newly acquired Spanish companies and to introduce Cemex's cost-efficient operating procedures to these companies to further increase their forecasted profits and cash flows."
 Cemex, S.A., headquartered in Monterrey, Mexico, is the fourth largest cement producer in the world, the largest in North America, and the leader in the Mexican cement market with a total installed capacity in the country of 23.9 million metric tons. The company is a major participant in the housing industry as well as the infrastructure development in the rapidly growing Mexican economy. During 1991, Cemex had US$1.7 billion in sales, operating profits of US$421 million, net income of US$442 million, and US$3.8 billion in assets at Dec. 31, 1991. The company had a market capitalization of US$3.7 billion at Sept. 14, 1992. Cemex shares are listed on the Mexican Stock Exchange (ticker: CEMEX) and Cemex's ADRs are traded over-the-counter (ticker: CMXBY).
 -0- 9/16/92
 /CONTACT: Gustavo Caballero or Humberto Moreira (financial community), or Luis Martinez (media), all of Cemex S.A. in Mexico, 011-52-83-45-2000; or Peter Clark of J.P. Morgan & Co. (financial), 212-648-7512, or Brian James of Burson-Marsteller (media), 212-614-5091, both for Cemex/
 (CMXBY) CO: Cemex, S.A. ST: IN: CST SU:


GK-OS -- NY015 -- 0019 09/16/92 10:19 EDT
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Publication:PR Newswire
Date:Sep 16, 1992
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