Ogier's BVI office has advised CEMEX in relation to the restructuring of certain of its listed securities. CEMEX is one of the world's leading cement and building materials companies and is listed on the New York and Mexican stock exchanges. CEMEX had previously issued four series of fixed-to floating rate perpetual debentures raising approximately US$ 3 billion.
On 28 March 2012, CEMEX completed the exchange of approximately 48% of the outstanding perpetual debentures for new senior secured notes.
As a result of the note exchange, and based on market and exchange rate conditions, CEMEX has reduced its total debt by US$ 131 million.
Senior associate Michael Killourhy and associate Chris Newton led the Ogier team, in conjunction with partner Ray Wearmouth.
The transaction involved four BVI restricted purpose vehicles to whom Ogier Fiduciary Services (BVI) Limited provide administrative and professional director services. Gareth Thomas and Karen Fahie worked on the transaction for OFS.