Cemex S.A.B. de C.V. (Cemex) announced that it has successfully refinanced its $3.0 billion syndicated credit agreement, extending the maturity to 2028. The refinanced Credit Agreement consists of a $1.0 billion 5-year amortizing Term Loan, and a $2.0 billion 5-year committed Revolving Credit Facility. This represents a reduction of $500 million in the Term Loan and an increase of $250 million in the revolver from the prior facility.

The signing of the Credit Agreement is an integral part of a comprehensive financing plan designed to increase liquidity and flexibility. The Credit Agreement, denominated exclusively in US Dollars, maintains its previous interest rate margin and financial covenants, consistent with an investment-grade capital structure, that provide for a maximum leverage ratio of 3.75x throughout the life of the loan and a minimum interest coverage ratio of 2.75x. The Credit Agreement is part of Cemex?s recently updated Sustainability-linked Financing Framework, which is aligned to the company?s Future in Action strategy and roadmap and its ultimate vision of a carbon-neutral economy.

The annual performance with respect to the three metrics referenced in the Framework may result in a total adjustment of the interest rate margin of plus or minus five basis points, in line with other sustainability-linked loans from investment-grade rated borrowers. The Joint Bookrunners and Joint Lead Arrangers under the 2023 Credit Agreement are Citigroup Global Markets Inc., BofA Securities Inc., BNP Paribas, JPMorgan Chase Bank, N.A., Crédit Agricole Corporate and Investment Bank, ING Capital LLC, BBVA México S.A., and Mizuho Bank Ltd. The Sustainability Structuring Agent for the 2023 Credit Agreement is ING Capital LLC. The Credit Agreement maintains its guarantor structure, which consists only of Cemex Concretos, S.A. de C.V., Cemex Operaciones México, S.A. de C.V., Cemex Innovation Holding Ltd. and Cemex Corp.