BVI Offshore Law Firm Advised on USD 1.1bn Debt Conversion

British Virgin Islands office of international offshore expert firm Ogier has adviced CEMEX – one of the world's largest cement and building materials makers, listed on New York and Mexican stock exchanges, – on its most recent notes transaction valued at USD 1.1 bn, which closed at the end of March. CEMEX completed the exchange of approximately 48% of the outstanding perpetual debentures for new senior secured notes, which will mature in 2019. This transaction has reduced CEMEX's total debt by USD131m.

Ray Wearmouth, Managing Partner of Ogier BVI, has said: “Ogier BVI has built our offering around providing high quality, seamless and fully integrated services across practices and geographies and our most recent work with CEMEX is an excellent legal and fiduciary example of those capabilities being fully utilised for a blue-chip client.”


CEMEX's CFO Fernando Gonzalez said that “These exchange offers allow CEMEX to further reduce its refinancing risk and its overall indebtedness (including Perpetual Debentures), two important components in our ongoing financial strategy.”