Duane McLaughlin and Manuel Silva

Cleary represents initial purchasers in $1bn Cemex notes offering

Cleary Gottlieb has represented the initial purchasers in Cemex’s $1 billion offering of subordinated notes. The notes are perpetual and have no fixed maturity date, mandatory redemption date or sinking fund.

The proceeds will be used by Cemex to finance or refinance eligible green projects. The offering was conducted as a private placement under Rule 144A of the Securities Act of 1933 and outside the United States on a Regulation S basis. The transaction was priced on 9 March 2021 and closed on 14 March 2023.

BBVA, BNP Paribas, BofA Securities, IMI – Intesa Sanpaolo, and J.P. Morgan acted as the initial purchasers.

Cemex, a Mexican company, is one of the world’s largest cement companies based on annual installed cement production capacity and one of the world’s largest ready-mix concrete companies. It is primarily engaged in the production, distribution, marketing and sale of cement, ready-mix concrete, aggregates and clinker.

Cleary’s capital markets team included partners Duane McLaughlin (pictured left) and Manuel Silva (pictured right), associate Stephanie Monroe Rohlfs, law clerk Daniel Oyolu, and international lawyers Victor Brum and Javier Illanes Donoso. Counsel Matt Brigham and associate Jesse Hong advised on tax matters. All lawyers are based in New York.

L Giselle Estrada