Cemex closes unsecured bank agreement for USD 3.25 billion

Cemex, a global supplier of high-quality building materials and products, has successfully closed a new USD 3.25 billion syndicated credit agreement with an ESG component and used the proceeds to fully repay its previous facilities agreement. The transaction closed November 8, 2021. 

The new credit agreement consists of USD 1.5 billion, five-year amortizing term loan and a USD 1.75 billion, five-year committed revolving credit facility. The committed facility is roughly USD 600 million higher than the previous facilities agreement. The proceeds were used to repay Cemex’s previous facilities agreement and are further intended to be used for general corporate purposes. 

The joint bookrunners and joint lead arrangers are BofA Securities, BNP Paribas, Citigroup Global Markets and JPMorgan Chase Bank. The sustainability structuring agent is ING Capital. 

The credit agreement is guaranteed by Cemex Concretos, Cemex Operaciones México, Cemex Innovation Holding and Cemex Corp. The new guarantor structure has been replicated in all of Cemex’s senior notes. 

GHR Rechtsanwälte worked with Cemex’s in-house counsel in Mexico in connection to the repayment of Cemex loans under its 2017 facilities agreement and its new syndicated unsecured credit agreement The GHR team consisted of partners Marc Grüninger (lead, corporate/m&a, finance, pictured), Markus Brülhart (corporate/m&a, finance) and Gerhard Roth (tax), associate Jil Suter (corporate/m&a, finance) and junior associate Michelle Wolf. 

Skadden, Arps, Slate, Meagher & Flom (New York) advised Cemex on the new credit agreement and Slaughter and May (London) advised the company on the repayment of the 2017 facilities. Cleary Gottlieb Steen & Hamilton (New York) and Galicia Abogados (Mexico) advised the bookrunners and lead arrangers.