Cemex 2013 Annual Report Download - page 148

Notes to the financial statements
OnJuly11,2011,CEMEX,S.A.B.deC.V.closedthereopeningoftheJanuary2011Notes,describedbelow,andissuedUS$650aggregate
principalamountofadditionalnotesat97.616%offacevalueplusanyaccruedinterest.CEMEXS.A.B.deC.V.usedthenetproceedsfrom
thereopeningforgeneralcorporatepurposesandtherepaymentofdebt,includingdebtundertheFinancingAgreement.
OnApril5,2011,CEMEX,S.A.B.deC.V.closedtheofferingofUS$800aggregateprincipalamountofFloatingRateSeniorSecuredNotes
duein2015(the“April2011Notes”),whichwereissuedat99.001%offacevalue.TheApril2011Notesbearinterestataoatingrate
equaltothree-monthLIBORplus5%(500basispoints)andarecallableall,butnotlessthanall,atanydayaftertherstinterestpayment
dateimmediatelyprecedingthematuritydate.TheApril2011NotesareunconditionallyguaranteedbyCEMEXMéxico,S.A.deC.V.,New
SunwardHoldingB.V.,CEMEXEspañaandtheNewGuarantors.Thenetproceedsfromtheoffering,approximatelyUS$788,wereusedto
repayindebtednessundertheFinancingAgreement.
Facilities Agreement and Financing Agreement
OnJanuary11,2011,CEMEX,S.A.B.deC.V.closedtheofferingofUS$1,000aggregateprincipalamountofits9.0%SeniorSecuredNotes
duein2018(the“January2011Notes”),whichwereissuedat99.364%offacevalue,andarecallablebeginningontheirfourthanniversary.
TheJanuary2011NotessharethecollateralpledgedtothelendersundertheFacilitiesAgreementandotherseniorsecuredindebtedness
havingthebenetofsuchcollateral,andareguaranteedbyCEMEXMéxico,S.A.deC.V.,NewSunwardHoldingB.V.andCEMEXEspaña,S.A.
andtheNewGuarantors.
OnAugust14,2009,CEMEX,S.A.B.deC.V.andcertainsubsidiariesenteredintotheoriginalFinancingAgreementwithitsmajorcreditors,
bymeansof whichthe maturitiesofapproximatelyUS$14,961 ($195,839)(amountdeterminedinaccordancewiththe contracts) of
syndicated and bilateral loans, private placement notes and other obligations were extended, providing for a semi-annual amortization
schedule.TheFinancingAgreementisguaranteedbyCEMEX,S.A.B.deC.V.,CEMEXMéxico,S.A.deC.V.,NewSunwardHoldingB.V.,CEMEX
España,CEMEXConcretos,S.A.deC.V.,CEMEXCorp.,CEMEXInc.,CEMEXFinanceLLCandEmpresasToltecadeMéxico,S.A.deC.V.Asof
December31,2011,aftertheapplicationoftheproceedsfromseveralrenancingtransactions,theapplicationofthenetproceedsobtained
fromthesaleofassets,andanequityofferingofCEMEX,S.A.B.deC.V.in2009,theremainingdebtbalanceundertheFinancingAgreement
wasapproximatelyUS$7,195($100,442).ConsideringcertainprepaymentsbyDecember31,2011ofdebtundertheFinancingAgreement,
CEMEXavoidedanincreaseintheinterestrateofdebtundersuchagreementof0.5%.Untilitsmaturity,theFinancingAgreementdidnot
provideforanyfurtherincreasesintheinterestrateassociatedwithacertainamountofprepayments.
OnSeptember17,2012,CEMEXcompletedarenancingprocessofasubstantialportionofitsthenoutstandingdebtundertheFinancing
Agreement,asamendedonseveraldates,withathenoutstandingbalanceofapproximatelyUS$7,195,withpaymentsdueofapproximately
US$488inDecember2013andUS$6,707atnalmaturityinFebruary2014.PursuanttoCEMEX’sexchangeproposal(the“Exchange
Offer”),creditorswereinvitedtoexchangetheirexistingexposuresundertheexistingFinancingAgreementintooneoracombinationof
thefollowinginstruments:a)newloans(“NewLoans”)orprivateplacementnotes(“NewUSPPNotes”),asapplicable,orb)uptoUS$500in
new9.5%notes(the“September2012Notes”)tobeissuedbyCEMEXmaturinginJune2018,havingtermssubstantiallysimilartothoseof
seniorsecurednotespreviouslyissuedbyCEMEX,S.A.B.deC.V.and/oritssubsidiaries.TheSeptember2012Noteswereallocatedprorata
totheparticipatingcreditorsoftheFinancingAgreementintheExchangeOfferthatelectedtoreceivetheSeptember2012Notes.Financing
Agreementcreditorsacceptingcertainamendments,includingtheeliminationofthebenetofthesecuritypackageamongothers,received
anamendmentfeeof20basispoints(“bps”)calculatedontheamountoftheirexistingexposuresundersuchagreement.
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