Cemex Topping List of Bond Issuers as Loan Repayment Looms: Mexico Credit
Cemex SAB, the largest cement maker in the Americas, is selling the most debt overseas this year by a Mexican company to repay bank loans even as its borrowing costs climb to a six-month high.
The company’s planned offering of eight-year notes this week will push its 2011 sales to $2.45 billion, according to data compiled by Bloomberg. The yield on Cemex’s benchmark dollar bonds due in 2020 jumped 104 basis points, or 1.04 percentage points, in the past month to 9.74 percent, the highest since Dec. 2. Average borrowing costs for Mexican companies rose 12 basis points in the same period, while yields on Brazilian corporate debt increased two, according to JPMorgan Chase & Co.
Cemex is stepping up borrowing to repay debt stemming from a $15 billion bank loan refinancing in 2009 that helped it avoid default as slowing U.S. growth reduces demand for building materials in the company’s biggest foreign market. The company, based in Monterrey, Mexico, is seeking to pay back $200 million of debt by yearend to prevent the interest rate on $7.6 billion of loans from rising by 50 basis points.
“When you have to repay debt, you do it when you can,” Carlos Legaspy, who manages about $300 million in emerging- market debt including Cemex notes at San Diego , California-based Precise Securities, said in a telephone interview.
The company is offering $650 million of bonds to yield 9.5 percent, said a person familiar with sale who asked not to be identified because he’s isn’t authorized to speak publicly. The notes would yield about 580 basis points more than Mexican government notes due in 2019, according to data compiled by Bloomberg. Similar-maturity bonds sold by Holcim Ltd.’s, the world’s second-biggest cement maker, yield 4.75 percent.
Housing SlumpCemex cut its forecast for growth of U.S. cement and ready- mix concrete shipments to “low to mid-single digit” this year, from 5 percent for cement and 6 percent for concrete in February, Chief Financial Officer Fernando Gonzalez said on April 29.
The recovery in the U.S. housing industry “remains a work in progress,” Gonzalez said on a conference call that day.
Cemex spokesman Jorge Perez didn’t return telephone messages seeking further comment yesterday.
The S&P/Case-Shiller index of property values in 20 U.S. cities fell 3.6 percent in March from a year earlier, the biggest year-over-year decline since November 2009. Purchases of previously owned homes dropped to a 4.81 million annual pace in May, the slowest in six months.
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