CEMEX’s U.S.$664 million discharging of existing commitments for exchange into two new tranches

Slaughter and May advised CEMEX on its consent request and the exchange and discharge offer made to certain lenders under the facilities agreement dated 29 September 2014 (the Facilities Agreement).

Following a prepayment of U.S.$373 million corresponding to the September 2017 amortisation under two existing term loan tranches of the Facilities Agreement, currently funded commitments maturing in 2018 in the amount of U.S.$664 million in those term loan tranches have been discharged and exchanged into a new revolving tranche, maintaining the original amortisation schedule.

The inclusion of a new revolving tranche has provided CEMEX with additional flexibility to optimise the use of proceeds from its asset sales.

Following implementation of the exchange and discharge, the total amount of commitments under revolving tranches in the Facilities Agreement has increased to U.S.$1.4 billion, including U.S.$664 million under the new revolving tranche maturing in 2018 and U.S.$749 million with a final maturity in 2020.

Slaughter and May worked as a team with CEMEX’s in-house counsel in Mexico, with a Financing team led by Robert Byk (partner, in picture), alongside Cristina del Rivero (associate) and Chris Parrott (associate).

Involved fees earner: Robert Byk – Slaughter and May; Cristina del Rivero – Slaughter and May; Chris Parrott – Slaughter and May;

Law Firms: Slaughter and May;

Clients: CEMEX;

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