Mexico's cemex broke new ground last week with contingent refinancing of maturing convertibles to stave off the threat of having to repay the US$204m presently outstanding should its share price collapse in the next five months. The cement company's shares would have to fall by over 10% from their current levels for repayment to be an issue, but Cemex is still rebuilding its reputation after renegotiating its debt load following the financial crisis, so is not taking any risks.
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