Cemex 2013 Annual Report Download - page 29

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During 2013, CEMEX raised US$3.1 billion in four sepa-
rate transactions:
In March, we issued US$600 million of 5.875% senior
secured notes maturing in 2019.
In August, we issued US$1 billion of 6.50% senior
secured notes maturing in 2019.
In September, we issued US$1 billion of 7.25% senior
secured notes maturing in 2021.
In September, we also issued US$500 million of
floating rate senior secured notes, bearing interest at
three-month LIBOR plus 4.75%, maturing in 2018.
The proceeds of these transactions were used mainly to
pay in full the remaining US$55 million under CEMEX’s
2009 Financing Agreement, to prepay our 9.50% senior
secured notes due 2016, to prepay €220 million of our
9.625% senior secured notes due 2017, and to pay our
4.75% Eurobonds due in 2014 (a cash reserve was cre-
ated to pay about €247 million at their maturity). These
actions resulted in annual cash interest expense savings
of approximately US$55 million.
Moreover, we have continued to optimize our mainte-
nance and strategic capital expenditures to maximize our
free cash flow generation. In 2013, we limited our main-
tenance and strategic capital expenditures to approxi-
mately US$606 million.
As of today, we have no significant maturities until 2015.
We have further maintained more than adequate liquidity
to support our operations and continued to comply with
our financial obligations.
We encourage our managers to regularly review our pro-
cesses and practices and to identify innovative manage-
ment and business approaches to improve our operations.
By rotating our managers from one country to another and
from one area of our operations to another, we increase
their diversity of experience and knowledge of our business.
Foster our sustainable development
At CEMEX, sustainability is incorporated in our strategy
and our day-to-day operations. Our goal is to provide
building solutions that meet the needs of a resource-con-
strained world, to minimize the ecological footprint of our
operations, and to foster closer relationships with all of
our relevant stakeholders.
Among our priorities, we look to take the lead in sustain-
able construction through the development of products,
services, and building solutions for a low-carbon econo-
my. We also actively participate in low-income housing
programs and high-scale infrastructure projects.
Vidalta Bridge, Mexico
We encourage our managers
to regularly review our
processes and practices
and to identify innovative
management and business
approaches to improve our
operations.
in annual cash interest
expense savings resulting
from the financial transac-
tions performed in 2013
US$55
Recruit, retain, and cultivate world-class managers
Our senior management enjoys a strong track record of
operating diverse businesses throughout our industry’s
value chain in emerging and developed markets globally.
With this in mind, we will continue to focus on recruiting,
retaining, and developing motivated and knowledgeable
professional managers.
million
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