UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
_______________________
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 or 15d-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
_______________________
Date
of Report: December 23, 2008
CEMEX, S.A.B. de
C.V.
(Exact
name of Registrant as specified in its charter)
CEMEX
Corp.
(Translation
of Registrant's name into English)
United Mexican
States
(Jurisdiction
of incorporation or organization)
Av.
Ricardo Margáin Zozaya #325, Colonia Valle del Campestre
Garza García, Nuevo León, México
66265
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.
Form
20-F X Form
40-F ___
Indicate
by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes
____ No
X
If
"Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
N/A
|
Media
Relations
Jorge
Pérez
(52-81)
8888-4334
|
Investor
Relations
Eduardo
Rendón
(52-81)
8888-4256
|
Analyst
Relations
Luis
Garza
(52-81)
8888-4136
|
CEMEX MAKES SUBSTANTIAL
PROGRESS
IN ITS REFINANCING PLAN
Monterrey, Mexico. December 22, 2008
- - CEMEX, S.A.B. de C.V. (NYSE: CX) announced today that it has made
significant progress towards extending debt maturities originally scheduled for
2009. CEMEX had previously communicated that it had selected five banks to
coordinate a global effort to i) negotiate new long-term syndicated bilateral
facilities to replace existing short-term bilateral facilities, ii) extend the
maturity by one year of a portion of the US$3.0 billion Rinker acquisition
syndicated loan facility due in December 2009 and iii) amend the leverage ratio
covenant, among other conditions, of certain existing syndicated loan
facilities.
For
each of the initiatives described above, we have as of today made the following
progress:
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i)
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Received
confirmation from the creditors to refinance close to US$2.2 billion in
bank loans maturing throughout 2009 and early 2010. The final maturity for
the amounts refinanced will be February
2011.
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ii)
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Received
confirmation from the creditors that intend to extend close to US$1.5
billion of the US$3.0 billion syndicated loan facility due in December of
2009.
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iii)
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The
necessary consent of the relevant bank lenders to amend, among other
conditions, the leverage ratio covenant in our existing syndicated loan
facilities, as communicated on December 15, 2008, was duly executed on
December 19, 2008. This consent is now
unconditional.
|
The
refinancing process remains ongoing for maturities not yet committed to be
extended.
Our net
interest expense for the first half of 2009 is expected to remain flat versus
the same period in 2008, at about US$500 million, as higher spreads for our U.S.
dollar and Euro denominated debt, plus a higher interest expense resulting from
our partial shift to Mexican peso-denominated debt, are being substantially
offset by lower average base rates and our floating interest rate
strategy.
The
implementation of the refinancing and extensions is subject to obtaining the
necessary commitments from the financial institutions and to the satisfactory
completion of final documentation and satisfaction of customary conditions
precedent by January 31, 2009.
CEMEX
is a growing global building materials company that provides high-quality
products and reliable service to customers and communities in more than 50
countries throughout the world. CEMEX has a rich history of improving the
well-being of those it serves through its efforts to pursue innovative industry
solutions and efficiency advancements and to promote a sustainable future. For
more information, visit www.cemex.com.
###
This
press release contains forward-looking statements and information that are
necessarily subject to risks, uncertainties, and assumptions. Many factors could
cause the actual results, performance, or achievements of CEMEX to be materially
different from those expressed or implied in this release, including, among
others, changes in general economic, political, governmental and business
conditions globally and in the countries in which CEMEX does business, changes
in interest rates, changes in inflation rates, changes in exchange rates, the
level of construction generally, changes in cement demand and prices, changes in
raw material and energy prices, changes in business strategy, and various other
factors. Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may vary
materially from those described herein. CEMEX assumes no obligation to update or
correct the information contained in this press release and no assurance can be
given of the outcome of these negotiations with the banks.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, CEMEX, S.A.B. de
C.V. has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
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CEMEX,
S.A.B. de C.V.
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(Registrant)
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Date:
December 23, 2008
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By:
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/s/
Rodrigo Treviño Muguerza
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Name: Rodrigo
Treviño Muguerza
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Title:
Chief Financial Officer
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