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CEMEX extends early tender period of exchange offers for perpetual securities.

M2 EQUITYBITES-26 April 2010-CEMEX extends early tender period of exchange offers for perpetual securities(C)2010 M2 COMMUNICATIONS http://www.m2.com

Cement company CEMEX S.A.B. de C.V (NYSE: CX) has extended an early tender date for its four separate private offers to exchange CEMEX's currently outstanding perpetual debentures for new senior secured notes to be denominated in USD and EUR.

The company said today that the offer will now close at 23:59 New York City time on 30 April 2010, the expiration date.

The four private exchange offers were launched on 5 April 2010. The company said that all other terms of the exchange offers remain unchanged.

The issuer of the new senior secured notes is CEMEX Espana S.A, acting through its Luxembourg branch.

Eligible holders of the perpetual debentures who properly tender their perpetual debentures by the second revised early tender date will receive an additional fee of USD30 payable in additional principal amount of new senior secured notes per USD1,000 of principal amount tendered for the USD--denominated perpetual debentures, and USD30 payable in additional principal amount of new senior secured notes per EUR1,000 of principal amount tendered for the Euro-denominated perpetual debentures.

CEMEX reported, that as of 17:00 New York City time on 23 April 2010, an amount of USD200,824,000 in aggregate principal amount, or 57.38% of outstanding USD -denominated 6.196% fixed-to-floating rate callable perpetual debentures had been properly tendered and not withdrawn by series in addition to consenting to the proposed amendments to the indentures governing the perpetual debentures and the underlying dual currency notes and the related amendments to certain collateral documents.A Also, USD363.159m in aggregate principal amount, or 48.42% of outstanding USD--denominated 6.64% fixed-to-floating rate callable perpetual debentures and USD432.985m in aggregate principal amount, or 48.11% of outstanding USD--denominated 6.722% fixed-to-floating rate callable perpetual debentures, had been properly tendered and not withdrawn under the offering.

In addition, EUR447,892,000 in aggregate principal amount, or 61.36% of outstanding Euro-denominated 6.277% fixed-to-floating rate callable perpetual debentures had been properly tendered under the offers and not withdrawn.

CEMEX said that currently it has no intention to redeem any series of the perpetual debentures as and when they become redeemable.

The new senior secured notes denominated in USD will mature in 10 years, pay a coupon of 9.25% annually, and be callable commencing on the fifth anniversary of their initial issuance. The new senior secured notes denominated in Euros will mature in seven years, pay a coupon of 8.875% annually, and be callable commencing on the fourth anniversary of their original issuance.

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Publication:M2 EquityBites (EQB)
Date:Apr 26, 2010
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