Cemex pursuing $300-M expansion toward 2019

(IPO) will be used to prepay debts.

A unit of Mexico’s CEMEX SAB De CV, Cemex, is offering some 2.03 billion common shares with the option to sell an addi is oversubscribed.

The price of its IPO shares was lowered from P17 to P10.75 apiece.

The company intends to raise the previous estimate of close to biggest IPOs in the country.

The offer period is scheduled 11. The listing date could take place a week after the last day of the offer period.

Proceeds from the IPO will the company’s short- term and long- term loans from Sunward Holdings BV.

The loan was secured with the ac- quisition of its operating units Apo Cement Corp. and Solid Cement Corp. as part of a reorganization.

The debt carries an interest rate of 5.21 percent a year, and would fall due and demandable on July 9, but renewable in September and December, according to Cemex’s registration statement.

The company has several longand short-term loans that carry a 7.535 percent interest rate. Some $ 35.3 million would fall due and demandable in 2020, and $105.9 million each in 2021, 2022, and 2023.

BDO Capital and Investment Corp. will serve as domestic lead underwriter, while the joint global coordinator and joint bookrunners are Citigroup Global Markets Ltd.-United Kingdom, J.P. Morgan Securities PLC-UK, and The Hongkong and Shanghai Banking Corp. Ltd.-Singapore Branch.