SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE TO
(RULE 14D-100)
TENDER OFFER STATEMENT UNDER SECTION 14(d)(1)
OR SECTION 13(e)(1) OF THE SECURITIES EXCHANGE ACT OF 1934.
(AMENDMENT NO. 2)
PUERTO RICAN CEMENT COMPANY, INC.
(Name of Subject Company (Issuer))
TRICEM ACQUISITION, CORP.,
an indirect wholly owned subsidiary of
CEMEX, S.A. de C.V.
(Names of Filing Persons (Offerors))
COMMON STOCK, PAR VALUE $1.00 PER SHARE
(Title of Class of Securities)
745075-10-1
(CUSIP Number of Class of Securities)
Ramiro Villarreal
CEMEX, S.A. de C.V.
Ave. Constitucion 444 Pte.
Monterrey, Nuevo Leon, Mexico 64000
Telephone: (011-528) 328-3000
Copies to:
Randall H. Doud, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP
Four Times Square
New York, New York 10036-6522
Telephone: 212-735-3000
(Name, address and telephone number of person(s) authorized to receive
notices and communications on behalf of filing persons)
CALCULATION OF FILING FEE
=============================================================================
Transaction Valuation* Amount of Filing Fee**
$180,196,590 $16,578.09
==============================================================================
** For purposes of calculating amount of filing fee only. This amount
assumes the purchase of all outstanding shares of common stock of
Puerto Rican Cement Company, Inc. The amount of the filing fee
calculated in accordance with Rule 0-11 of the Securities Exchange Act
of 1934, as amended, equals $92 for every $1,000,000 of the
transaction value.
** Previously paid.
[_] Check the box if any part of the fee is offset as provided by Rule
0-11(a)(2) and identify the filing with which the offsetting fee was
previously paid. Identify the previous filing by registration
statement number or the Form or Schedule and the date of its filing.
Amount Previously Paid: N/A Form or Registration No.: N/A
Filing party: N/A Date Filed: N/A
[_] Check the box if the filing relates solely to preliminary
communications made before the commencement of a tender offer.
Check the appropriate boxes below to designate any transactions to
which the statement relates:
[X] third-party tender offer subject to Rule 14d-1.
[_] issuer tender offer subject to Rule 13e-4.
[_] going-private transaction subject to Rule 13e-3.
[_] amendment to Schedule 13D under Rule 13d-2.
Check the following box if the filing is a final amendment reporting
the results of the tender offer: [_]
This Amendment No. 2 (this "Amendment No. 2") to the Tender Offer Statement
on Schedule TO (the "Schedule TO"), filed initially with the Securities and
Exchange Commission on July 1, 2002, relates to the offer by Tricem
Acquisition, Corp. (the "Purchaser"), a Puerto Rico corporation and an
indirect wholly owned subsidiary of CEMEX, S.A. de C.V., a company
organized under the laws of the United Mexican States ("CEMEX"), to
purchase all outstanding shares of common stock of Puerto Rican Cement
Company, Inc., a Puerto Rico corporation (the "Company"), par value $1.00
per share (the "Shares"), at U.S. $35.00 per share, net to the seller in
cash, without interest thereon, upon the terms and subject to the
conditions set forth in the Offer to Purchase, dated July 1, 2002 (the
"Offer to Purchase"), and in the related Letter of Transmittal (which,
together with any amendments or supplements thereto, constitute the
"Offer"), which were filed as Exhibits (a)(1) and (a)(2), respectively, to
the Schedule TO. Unless otherwise defined herein, all capitalized terms
used herein shall have the respective meanings given such terms in the
Offer to Purchase.
Item 7. Source and Amount of Funds or Other Consideration.
(a)-(b), (d) Item 7 of the Schedule TO, which incorporates by
reference certain information contained in the Offer to Purchase,
hereby is amended and supplemented as follows:
The subsection entitled "Source and Amount of Funds" of
the Offer to Purchase hereby is amended and supplemented
with the following information:
On July 15, 2002, CEMEX executed two promissory
notes in favor of BBVA Bancomer, S.A., Institucion de
Banca Multiple, Grupo Financiero, BBVA Bancomer, S.A.,
Grand Cayman Branch, British West Indies in the principal
amounts of U.S. $180 million and U.S. $30 million,
respectively. The promissory note in the principal amount
of U.S. $180 million matures on January 10, 2003 and bears
interest at a rate per annum equal to 2.67%. The
promissory note in the principal amount of U.S. $30 million
matures on September 30, 2002 and bears interest at a
rate per annum equal to 2.61%. The promissory notes are
filed as Exhibits (b)(1) and (b)(2) to this Amendment No.
2 and are incorporated by reference herein.
The proceeds of the promissory notes will be
contributed or loaned through several subsidiaries of
CEMEX to the Purchaser, which will use such proceeds to
purchase shares in the Offer and the Merger and to pay
related fees and expenses. In addition, the Purchaser may
use a portion of such proceeds to repay a portion of the
Company's long term indebtedness and bank credit lines
concurrently with or following the consummation of the
Offer or the Merger.
CEMEX and its subsidiaries, including the
Purchaser, expect to repay such amounts borrowed under
the promissory notes through internally generated free
cash flow.
No alternative financing plans or arrangements
have been made in the event that CEMEX or its
subsidiaries making capital contributions and loans to
the Purchaser are unable to borrow the amounts
anticipated under these promissory notes. In the event
that financing is unavailable under these promissory
notes or any alternative financing or arrangement, it is
anticipated that all of the funds necessary to consummate
the Offer and the Merger would come from capital
contributions or intra-company loans to the Purchaser
from subsidiaries of CEMEX, which in turn would be funded
from CEMEX's internally generated free cash flow.
Item 12. Exhibits.
(b)(1) Promissory note, dated as of July 15, 2002, by and among
CEMEX and BBVA Bancomer, S.A., Institucion de Banca
Multiple, Grupo Financiero, BBVA Bancomer, S.A., Grand
Cayman Branch, British West Indies in the amount of
U.S. $180 million.
(b)(2) Promissory note, dated as of July 15, 2002, by and among
CEMEX and BBVA Bancomer, S.A., Institucion de Banca
Multiple, Grupo Financiero, BBVA Bancomer, S.A., Grand
Cayman Branch, British West Indies in the amount of U.S. $30
million.
SIGNATURE
After due inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete
and correct.
Tricem Acquisition, Corp.
By: /s/ Jill Simeone
------------------------
Name: Jill Simeone
Title: Assistant Secretary
CEMEX, S.A. de C.V.
By: /s/ Ramiro G. Villarreal
---------------------------
Name: Ramiro G. Villarreal
Title: General Counsel
Dated: July 23, 2002
EXHIBIT INDEX
Exhibit No. Exhibit Name
(b)(1) Promissory note, dated as of July 15, 2002,
by and among CEMEX and BBVA Bancomer, S.A.,
Institucion de Banca Multiple, Grupo
Financiero, BBVA Bancomer, S.A., Grand Cayman
Branch, British West Indies in the amount of
U.S. $180 million.
(b)(2) Promissory note, dated as of July 15, 2002,
by and among CEMEX and BBVA Bancomer, S.A.,
Institucion de Banca Multiple, Grupo
Financiero, BBVA Bancomer, S.A., Grand Cayman
Branch, British West Indies in the amount of
U.S. $30 million.
BBVA BANCOMER, S. A.
GRAND CAYMAN BRANCH
P R O M I S S O R Y N O T E
No.:
Due date: JANUARY 10, 2003
By means of this Promissory Note and for value received, the undersigned,
CEMEX, S.A. DE C.V. (the "Borrower"), hereby unconditionally promises to
pay to the order of BBVA Bancomer, S. A., Institucion de Banca Multiple,
Grupo Financiero, BBVA Bancomer, S.A., Grand Cayman Branch, British West
Indies ("The Bank"), care of Bancomer New York Agency at its office at 430
Park Avenue, 19 th Floor, New York, N. Y. 10022 United States of America,
the principal sum of United States Dollars US$180,000,000.00 (One hundred
Eighty million United States dollars) together with interest on the unpaid
balance from the date hereof on January 10, 2003 (the "Maturity Date"), at
an interest rate equal to the rate per annum of LIBOR 1.92% (as hereinafter
defined), plus 0.75 percentage points. In the event that the Banco de
Mexico determines that LIBOR is not a representative rate, even if it is
still available, then the interest rate on this Promissory Note shall be
changed to the rate declared by the Banco de Mexico as the representative
rate on the date of such declaration, plus the percentage points agreed in
the first part of this paragraph.
The parties herein agree that in the event LIBOR can not be determined, the
interest rate charged on this borrowing shall be the rate determined by the
Banco de Mexico as the representative rate. If the Banco de Mexico does not
determine a substitute representative rate for LIBOR, then the interest
rate charged on this borrowing shall be the C.C.P. US Dollar Interest Rate
(as hereinafter defined) plus 0.0 percentage points, or in the event that
the Banco de Mexico determines that the C.C.P. U.S. dollar interest Rate is
not a representative rate, even if it is still available, then the rate of
this Promissory Note shall be changed to the rate declared by the Banco de
Mexico as the representative rate on the date published at the beginning of
the interest period, plus the percentage points agreed on the first part of
this paragraph.
In this Promissory Note, "LIBOR" means the per annum rate of interest
offered by prime banks in the London interbank market at approximately
11:00 hours (London time), such as it appears on page 3750 (or its
substitute page, in case of issuing suspension) of the "Telerate" Financial
Information System screen, two (2) business days prior to the date of this
Promissory Note for U. S. dollar deposits approximately equal in principal
amount to the principal amount of this Promissory Note and for a maturity
approximately equal to the term of this Promissory Note, and "C.C.P. US
Dollar Interest Rate" means the medium term cost of funds of liabilities
denominated in US Dollars of the Mexican Banking System calculated, issued
and published by the Banco de Mexico in the Diario Oficial de la Federacion
(Official Gazette of the United Mexican States).
The principal amount of this Promissory Note and interest thereon are due
and payable on Maturity Date or, if such date is not a business day in New
York, N. Y., on the next succeeding New York business day. If any such
amount is not paid when due, the unpaid balance shall bear default interest
at an interest rate equal to LIBOR rate for overnight deposits, plus a
spread of 2.085 percentage points.
Interest hereunder shall be computed on the basis of a year of three
hundred and sixty days for the number of calendar days elapsed.
Both principal and interest shall be paid in immediately available same day
funds to the account set forth below in lawful currency of the United
States of America, free and clear of and without deduction for or in
respect of any and all present and future taxes, excluding taxes on the
overall income of "the Bank" payable in the United Mexican States and in
the United States of America.
In accordance with provisions set forth in article 52-B of the Income Tax
Act of the United Mexican States, the "Borrower" binds to withhold to "the
Bank" the applicable withholding tax at the rate of 4.9% on the interest
payable to "The Bank", and to deliver to "The Bank" written evidence
confirming the amount withheld. This evidence shall be delivered in the
same date that the interest is payable to "the Bank". In the event that
changes to the Income Tax regulations applicable to foreign credit
institutions established in the United Mexican States are enacted, these
changes shall be applicable to the interest payable on this Promissory Note
from the date the changes are enacted.
The principal amount hereof and interest thereon shall be
payable by crediting the account number 400-210568 favor
Bancomer, S. A. Grand Cayman Branch, at The Chase Manhattan
Bank, New York, N. Y., located as of today at 270 Park
Avenue, 10017, New York, N. Y. United States of America, or
in any other account subsequently stated by the "Bank".
For everything related to this PROMISSORY NOTE, the "Borrower" hereby
expressly submits itself to the jurisdiction of the courts of the State of
New york or of the United States of America sitting in New York, N. Y. or
to the competent courts of Mexico City, Distrito Federal, at the election
of the holder hereof, expressly waiving any and all rights to object to any
holder of this Promissory Note in any such court, whether such objection
would be based on jurisdiction, venue, forum non conviens or any other
possible objection.
This PROMISSORY NOTE shall be deemed to be made under and shall be governed
by, and construed in accordance with the laws of the State ofNew York,
United States of America provided, however, that with respect to any legal
action brought by the holder hereof in the courts of Mexico City, Distrito
Federal, this PROMISSORY NOTE shall be governed and construed in accordance
with the laws of the United Mexican States.
This PROMISSORY NOTE is executed in both English and Spanish languages,
both of which versions shall bind the "Borrower", provided, however, that
the English version shall prevail in all instances, except in connection
with any legal action brought in Mexico City, Distrito Federal, in which
event the Spanish version shall prevail.
IN WITNESS WHEREOF, this promissory note is made entered and delivered in,
on July 15, 2002.
BBVA BANCOMER, S. A.
SUC. GRAN CAYMAN
P A G A R E
No.
Fecha de Vencimiento: 10 DE ENERO DEL 2003 Por medio de este PAGARE y por
valor recibido, el Suscrito: CEMEX, S.A. DE C.V.("El Suscriptor"),
incondicionalmente promete pagar a la orden de BBVA Bancomer, S.A.
Institucion de Banca Multiple, Grupo Financiero BBVA Bancomer S.A.,
Sucursal Gran Caiman Indias Britanicas Occidentales ("El Banco") en sus
oficinas situadas en 430 Park Avenue, Piso 19, New York, N.Y., 10022
Estados Unidos de America a favor de su Sucursal Gran Caiman, la suma
principal de US $180,000,000.00 (Ciento ochenta millones de dolares de los
Estados Unidos de America), junto con los intereses devengados sobre la
suma no pagada, contados desde la fecha de este pagare hasta su vencimiento
10 de Enero del 2003 (el "plazo") a una tasa de interes como redito anual,
resultante de la adicion de 0.75 puntos porcentuales a la tasa LIBOR 1.92%
(segun se define mas adelante). En el evento de que el Banco de Mexico
dejare de considerar a la tasa LIBOR como representativa y aun cuando se
siga publicando, se tomara la que el Banco de Mexico determine en
substitucion de la referida tasa LIBOR, en la fecha en que asi lo determine
dicha Institucion, mas los puntos de margen acordados en la primera parte
de este parrafo.
Las partes acuerdan que en caso de que dejare de publicarse la tasa de
referencia denominada tasa de intereses LIBOR, se aplicara la tasa que el
Banco de Mexico determine como tasa representativa. En el caso de que el
Banco de Mexico no determine una tasa substituta representativa, se
aplicara como tasa substitutiva el Costo de Captacion a Plazo en Dolares
(CCP DOLARES ) (tal y como se define mas adelante), mas 0.0 puntos
porcentuales o, en el evento de que por alguna causa el Banco de Mexico
dejara de considerar este como representativo y aun cuando se siga
publicando, se tomara la que el Banco de Mexico determine como tasa
representativa publicada al inicio del periodo en que se generen los
intereses .
En este PAGARE "LIBOR" significa la tasa anual de interes ofrecida por los
principales Bancos en el Mercado Interbancario de Londres aproximadamente a
las 11:00 horas (hora de Londres) que aparezca publicada dos dias habiles
anteriores a la fecha de suscripcion de este PAGARE en la Pagina 3750 (o en
la pagina substitutiva de esta, en caso de que dejara de publicarse), del
Monitor del SISTEMA DE INFORMACION FINANCIERA "TELERATE", para los
depositos en U.S. dolares, por una cantidad aproximadamente igual a la suma
principal de este PAGARE y por un vencimiento aproximadamente igual al
termino del plazo de este PAGARE, y CCP Dolares el Costo de Captacion a
Plazo de Pasivos denominados en Dolares de los EEUU.A de la Banca Mexicana
que el Banco de Mexico calcule y publique en el Diario Oficial de la
Federacion (Republica Mexicana).
La suma principal de este PAGARE y los intereses ordinarios seran pagaderos
en la fecha de vencimiento del mismo, o, si esa fecha resulta un dia
inhabil en la Ciudad de Nueva York, N. Y., se pagaran al siguiente dia
habil. Si la suma principal no fuere pagada en su totalidad en la fecha de
vencimiento, la suma del principal no pagada causara intereses moratorios a
una tasa anual que es el resultado de sumar 2.085 puntos porcentuales a la
tasa LIBOR.
El interes en cuestion se computara sobre la base de un ano de trescientos
sesenta dias multiplicado por el numero de dias calendario transcurridos.
La suma principal e intereses de este PAGARE seran pagaderos en moneda de
curso legal de los Estados Unidos de America mediante fondos disponibles el
mismo dia en la Ciudad de Nueva York, N. Y. en la cuenta que se senala mas
adelante. Los intereses determinados en este pagare son netos, excluyendo
tanto el impuesto global sobre la renta del Banco pagadero en los Estados
Unidos Mexicanos como en los Estados Unidos de America.
Conforme a lo establecido en el Articulo 52-B de la Ley del Impuesto Sobre
la Renta de los Estados Unidos Mexicanos, "El Suscriptor" esta obligado a
retener al "Banco" el equivalente al 4.9% de los intereses que le pague o
le deba pagar. "El Suscriptor" debera entregar al "Banco" la constancia de
retencion correspondiente el mismo dia de la exigibilidad de los intereses.
En caso de que se modifiquen las disposiciones fiscales aplicables a los
intereses que deben pagarse a establecimientos permanentes en el extranjero
de Instituciones de Credito en los Estados Unidos Mexicanos, tales
disposiciones seran aplicadas a los intereses que se originen de este
PAGARE, a partir de la fecha en que entren en vigor.
La suma principal de este PAGARE y los intereses correspondientes al mismo,
deberan ser pagados a "El Banco" mediante abono en la Cuenta No.
400-210568, en The Chase Manhattan Bank en la ciudad de Nueva York, N.Y.,
localizado en esta fecha en sus oficinas en 270 Park Avenue 10017, New
York, N. Y. a favor de Bancomer, S.A. Sucursal Gran Caiman, o en otra
senalada con posterioridad por el Banco.
Para todo lo relativo al presente PAGARE "El Suscriptor" en este acto se
somete en forma expresa a la jurisdiccion de las Cortes del Estado de Nueva
York o de los Estados Unidos de America con asiento en Nueva York, o de los
Tribunales competentes en la Ciudad de Mexico, Distrito Federal, a eleccion
de su legitimo tenedor, renunciando en forma expresa a cualquier derecho de
jurisdiccion que pueda tener en la actualidad o en el futuro por razon de
sus domicilios presentes o futuros.
Este PAGARE se considerara como hecho bajo las leyes del Estado de Nueva
York, y se sujetara e interpretara de acuerdo con dichas leyes, en el
entendido, sin embargo, de que con respecto a cualquier accion legal
interpuesta por el tenedor de este PAGARE en los Tribunales competentes de
la Ciudad de Mexico, Distrito Federal, se sujetara a las leyes de los
Estados Unidos Mexicanos asi como todo lo relativo a su interpretacion y
cumplimiento.
Este PAGARE se suscribe en ingles y en Espanol, obligando ambas versiones a
"El Suscriptor " en el entendido, sin embargo, de que la version en Ingles
prevalecera en todos los casos a excepcion de cualquier accion legal
interpuesta con relacion a este PAGARE en los Tribunales competentes en la
Ciudad de Mexico, Distrito federal, en cuyo caso, la version en Espanol
sera la que prevalezca.
El presente PAGARE se suscribe en, el 15 de Julio de 2002.
Nombre del "Suscriptor" CEMEX, S.A. DE C.V.
Firma del Suscriptor o de su apoderado legal
/s/ Rodrigo Trevino Muguerza
-----------------------------
Ing. Rodrigo Trevino Muguerza
Chief Financial Officer
Direccion del "Suscriptor":
Ave. Constitucion # 444 Pte. Monterrey, N.L.
Nombre del "Aval" CEMEX MEXICO S.A. DE C.V.
Firma del Suscriptor o de su apoderado legal
/s/ Rodrigo Trevino Muguerza
-----------------------------
Ing. Rodrigo Trevino Muguerza
Chief Financial Officer
Direccion del "Suscriptor":
Ave. Constitucion # 444 Pte. Monterrey, N.L.
Nombre del "Aval" EMPRESAS TOLTECA DE MEXICO, S.A. DE C.V.
Firma del Suscriptor o de su apoderado legal
/s/ Rodrigo Trevino Muguerza
-----------------------------
Ing. Rodrigo Trevino Muguerza
Chief Financial Officer
Direccion del "Suscriptor":
Ave. Constitucion # 444 Pte. Monterrey, N.L.
BBVA BANCOMER, S. A. BBVA BANCOMER, S. A.
GRAND CAYMAN BRANCH SUC. GRAN CAYMAN
P R O M I S S O R Y N O T E P A G A R E
No.: No.
Due date: SEPTEMBER 30, 2002 Fecha de Vencimiento: 30 DE SEPTIEMBRE DEL 2002
By means of this Promissory Note and for value received, the Por medio de este PAGARE y por valor recibido, el
undersigned, CEMEX, S.A. DE C.V. (the "Borrower"), hereby Suscrito: CEMEX, S.A. DE C.V.("El Suscriptor"),
unconditionally promises to pay to the order of BBVA incondicionalmente promete pagar a la orden de BBVA
Bancomer, S. A., Institucion de Banca Multiple, Grupo Bancomer, S.A. Institucion de Banca Multiple, Grupo
Financiero, BBVA Bancomer, S.A., Grand Cayman Branch, Financiero BBVA Bancomer S.A., Sucursal Gran Caiman Indias
British West Indies ("The Bank"), care of Bancomer New York Britanicas Occidentales ("El Banco") en sus oficinas
Agency at its office at 430 Park Avenue, 19 th Floor, New situadas en 430 Park Avenue, Piso 19, New York, N.Y.,
York, N. Y. 10022 United States of America, the principal 10022 Estados Unidos de America a favor de su Sucursal
sum of United States Dollars US$30,000,000.00 (Thirty Gran Caiman, la suma principal de US$30,000,000.00
Million United States dollars) together with interest on the (Treinta millones de dolares de los Estados Unidos de
unpaid balance from the date hereof on September 30, 2002 America), junto con los intereses devengados sobre la suma
(the "Maturity Date"), at an interest rate equal to the rate no pagada, contados desde la fecha de este pagare hasta su
per annum of LIBOR 1.86% (as hereinafter defined) plus 0.75 vencimiento 30 de Septiembre del 2002 (el "plazo") a una
percentage points. In the event that the Banco de Mexico tasa de interes como redito anual, resultante de la
determines that LIBOR is not a representative rate, even if adicion de 0.75 puntos porcentuales a la tasa LIBOR 1.86%
it is still available, then the interest rate on this (segun se define mas adelante). En el evento de que el
Promissory Note shall be changed to the rate declared by the Banco de Mexico dejare de considerar a la tasa LIBOR como
Banco de Mexico as the representative rate on the date of representativa y aun cuando se siga publicando, se tomara
such declaration, plus the percentage points agreed in the la que el Banco de Mexico determine en substitucion de la
first part of this paragraph. referida tasa LIBOR, en la fecha en que asi lo determine
dicha Institucion, mas los puntos de margen acordados en
la primera parte de este parrafo.
The parties herein agree that in the event LIBOR can not be Las partes acuerdan que en caso de que dejare de
determined, the interest rate charged on this borrowing publicarse la tasa de referencia denominada tasa de
shall be the rate determined by the Banco de Mexico as the intereses LIBOR, se aplicara la tasa que el Banco de
representative rate. If the Banco de Mexico does not Mexico determine como tasa representativa. En el caso de
determine a substitute representative rate for LIBOR, then que el Banco de Mexico no determine una tasa substituta
the interest rate charged on this borrowing shall be the representativa, se aplicara como tasa substitutiva el
C.C.P. US Dollar Interest Rate (as hereinafter defined) plus Costo de Captacion a Plazo en Dolares (CCP DOLARES ) (tal
0.0 percentage points, or in the event that the Banco de y como se define mas adelante), mas 0.0 puntos
Mexico determines that the C.C.P. U.S. dollar interest Rate porcentuales o, en el evento de que por alguna causa el
is not a representative rate, even if it is still available, Banco de Mexico dejara de considerar este como
then the rate of this Promissory Note shall be changed to representativo y aun cuando se siga publicando, se tomara
the rate declared by the Banco de Mexico as the la que el Banco de Mexico determine como tasa
representative rate on the date published at the beginning representativa publicada al inicio del periodo en que se
of the interest period, plus the percentage points agreed generen los intereses .
on the first part of this paragraph.
In this Promissory Note, "LIBOR" means the per annum rate of En este PAGARE "LIBOR" significa la tasa anual de interes
interest offered by prime banks in the London interbank ofrecida por los principales Bancos en el Mercado
market at approximately 11:00 hours (London time), such as Interbancario de Londres aproximadamente a las 11:00 horas
it appears on page 3750 (or its substitute page, in case of (hora de Londres) que aparezca publicada dos dias habiles
issuing suspension) of the "Telerate" Financial Information anteriores a la fecha de suscripcion de este PAGARE en la
System screen, two (2) business days prior to the date of Pagina 3750 (o en la pagina substitutiva de esta, en caso
this Promissory Note for U. S. dollar deposits approximately de que dejara de publicarse), del Monitor del SISTEMA DE
equal in principal amount to the principal amount of this INFORMACION FINANCIERA "TELERATE", para los depositos en
Promissory Note and for a maturity approximately equal to U.S. dolares, por una cantidad aproximadamente igual a la
the term of this Promissory Note, and "C.C.P. US Dollar suma principal de este PAGARE y por un vencimiento
Interest Rate" means the medium term cost of funds of aproximadamente igual al termino del plazo de este PAGARE,
liabilities denominated in US Dollars of the Mexican Banking y CCP Dolares el Costo de Captacion a Plazo de Pasivos
System calculated, issued and published by the Banco de denominados en Dolares de los EEUU.A de la Banca Mexicana
Mexico in the Diario Oficial de la Federacion (Official que el Banco de Mexico calcule y publique en el Diario
Gazette of the United Mexican States). Oficial de la Federacion (Republica Mexicana).
The principal amount of this Promissory Note and interest La suma principal de este PAGARE y los intereses ordinarios
thereon are due and payable on Maturity Date or, if such seran pagaderos en la fecha de vencimiento del mismo, o, si
date is not a business day in New York, N. Y., on the next esa fecha resulta un dia inhabil en la Ciudad de Nueva
succeeding New York business day. If any such amount is not York, N. Y., se pagaran al siguiente dia habil. Si la suma
paid when due, the unpaid balance shall bear default principal no fuere pagada en su totalidad en la fecha de
interest at an interest rate equal to LIBOR rate for vencimiento, la suma del principal no pagada causara
overnight deposits, plus a spread of 2.055 percentage points. intereses moratorios a una tasa anual que es el resultado
de sumar 2.055 puntos porcentuales a la tasa LIBOR.
Interest hereunder shall be computed on the basis of a year El interes en cuestion se computara sobre la base de un ano
of three hundred and sixty days for the number of calendar de trescientos sesenta dias multiplicado por el numero de
days elapsed. dias calendario transcurridos.
Both principal and interest shall be paid in immediately La suma principal e intereses de este PAGARE seran
available same day funds to the account set forth below in pagaderos en moneda de curso legal de los Estados Unidos de
lawful currency of the United States of America, free and America mediante fondos disponibles el mismo dia en la
clear of and without deduction for or in respect of any and Ciudad de Nueva York, N. Y. en la cuenta que se senala mas
all present and future taxes, excluding taxes on the overall adelante. Los intereses determinados en este pagare son
income of "the Bank" payable in the United Mexican States netos, excluyendo tanto el impuesto global sobre la renta
and in the United States of America. del Banco pagadero en los Estados Unidos Mexicanos como en
los Estados Unidos de America.
In accordance with provisions set forth in article 52-B of Conforme a lo establecido en el Articulo 52-B de la Ley del
the Income Tax Act of the United Mexican States, the Impuesto Sobre la Renta de los Estados Unidos Mexicanos,
"Borrower" binds to withhold to "the Bank" the applicable "El Suscriptor" esta obligado a retener al "Banco" el
withholding tax at the rate of 4.9% on the interest payable equivalente al 4.9% de los intereses que le pague o le deba
to "The Bank", and to deliver to "The Bank" written evidence pagar. "El Suscriptor" debera entregar al "Banco" la
confirming the amount withheld. This evidence shall be constancia de retencion correspondiente el mismo dia de la
delivered in the same date that the interest is payable to exigibilidad de los intereses. En caso de que se modifiquen
"the Bank". In the event that changes to the Income Tax las disposiciones fiscales aplicables a los intereses que
regulations applicable to foreign credit institutions deben pagarse a establecimientos permanentes en el
established in the United Mexican States are enacted, these extranjero de Instituciones de Credito en los Estados
changes shall be applicable to the interest payable on this Unidos Mexicanos, tales disposiciones seran aplicadas a los
Promissory Note from the date the changes are enacted. intereses que se originen de este PAGARE, a partir de la
fecha en que entren en vigor.
The principal amount hereof and interest thereon shall be La suma principal de este PAGARE y los intereses
payable by crediting the account number 400-210568 favor correspondientes al mismo, deberan ser pagados a "El Banco"
Bancomer, S. A. Grand Cayman Branch, at The Chase Manhattan mediante abono en la Cuenta No. 400-210568, en The Chase
Bank, New York, N. Y., located as of today at 270 Park Manhattan Bank en la ciudad de Nueva York, N.Y., localizado
Avenue, 10017, New York, N. Y. United States of America, or en esta fecha en sus oficinas en 270 Park Avenue 10017, New
in any other account subsequently stated by the "Bank". York, N. Y. a favor de Bancomer, S.A. Sucursal Gran Caiman,
o en otra senalada con posterioridad por el Banco.
For everything related to this PROMISSORY NOTE, the Para todo lo relativo al presente PAGARE "El Suscriptor" en
"Borrower" hereby expressly submits itself to the este acto se somete en forma expresa a la jurisdiccion de
jurisdiction of the courts of the State of New york or of las Cortes del Estado de Nueva York o de los Estados Unidos
the United States of America sitting in New York, N. Y. or de America con asiento en Nueva York, o de los Tribunales
to the competent courts of Mexico City, Distrito Federal, at competentes en la Ciudad de Mexico, Distrito Federal, a
the election of the holder hereof, expressly waiving any and eleccion de su legitimo tenedor, renunciando en forma
all rights to object to any holder of this Promissory Note expresa a cualquier derecho de jurisdiccion que pueda tener
in any such court, whether such objection would be based on en la actualidad o en el futuro por razon de sus domicilios
jurisdiction, venue, forum non conviens or any other presentes o futuros.
possible objection.
This PROMISSORY NOTE shall be deemed to be made under and Este PAGARE se considerara como hecho bajo las leyes del
shall be governed by, and construed in accordance with the Estado de Nueva York, y se sujetara e interpretara de
laws of the State ofNew York, United States of America acuerdo con dichas leyes, en el entendido, sin embargo, de
provided, however, that with respect to any legal action que con respecto a cualquier accion legal interpuesta por
brought by the holder hereof in the courts of Mexico City, el tenedor de este PAGARE en los Tribunales competentes de
Distrito Federal, this PROMISSORY NOTE shall be governed and la Ciudad de Mexico, Distrito Federal, se sujetara a las
construed in accordance with the laws of the United Mexican leyes de los Estados Unidos Mexicanos asi como todo lo
States. relativo a su interpretacion y cumplimiento.
This PROMISSORY NOTE is executed in both English and Spanish Este PAGARE se suscribe en ingles y en Espanol, obligando
languages, both of which versions shall bind the "Borrower", ambas versiones a "El Suscriptor" en el entendido, sin
provided, however, that the English version shall prevail in embargo, de que la version en Ingles prevalecera en todos
all instances, except in connection with any legal action los casos a excepcion de cualquier accion legal interpuesta
brought in Mexico City, Distrito Federal, in which event the con relacion a este PAGARE en los Tribunales competentes en
Spanish version shall prevail. la Ciudad de Mexico, Distrito federal, en cuyo caso, la
version en Espanol sera la que prevalezca.
IN WITNESS WHEREOF, this promissory note is made entered and El presente PAGARE se suscribe en, el 15 de Julio de 2002.
delivered in, on July 15, 2002.
Nombre del "Suscriptor" CEMEX, S.A. DE C.V.
Firma del Suscriptor o de su apoderado legal
/s/ Rodrigo Trevino Muguerza
-------------------------------------
Ing. Rodrigo Trevino Muguerza
Chief Financial Officer
Direccion del "Suscriptor":
Ave. Constitucion # 444 Pte. Monterrey, N.L.
Nombre del "Aval" CEMEX MEXICO S.A. DE C.V.
Firma del Suscriptor o de su apoderado legal
/s/ Rodrigo Trevino Muguerza
-------------------------------------
Ing. Rodrigo Trevino Muguerza
Chief Financial Officer
Direccion del "Suscriptor":
Ave. Constitucion # 444 Pte. Monterrey, N.L.
Nombre del "Aval" EMPRESAS TOLTECA DE MEXICO, S.A. DE C.V.
Firma del Suscriptor o de su apoderado legal
/s/ Rodrigo Trevino Muguerza
--------------------------------------
Ing. Rodrigo Trevino Muguerza
Chief Financial Officer
Direccion del "Suscriptor":
Ave. Constitucion # 444 Pte. Monterrey, N.L.
