<SEC-DOCUMENT>0001193125-24-013690.txt : 20240314
<SEC-HEADER>0001193125-24-013690.hdr.sgml : 20240314
<ACCEPTANCE-DATETIME>20240124084550
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-013690
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20240124

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CEMEX SAB DE CV
		CENTRAL INDEX KEY:			0001076378
		STANDARD INDUSTRIAL CLASSIFICATION:	CEMENT, HYDRAULIC [3241]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			O5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		AVE. CONSTITUTION 444 PTE
		CITY:			MONTERREY, NUEVO LEON
		STATE:			O5
		ZIP:			64000
		BUSINESS PHONE:		52(81)83283000

	MAIL ADDRESS:	
		STREET 1:		AVE. CONSTITUTION 444 PTE
		CITY:			MONTERREY, NUEVO LEON
		STATE:			O5
		ZIP:			64000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CEMEX SA DE CV
		DATE OF NAME CHANGE:	19990810
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">January&nbsp;24, 2024 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>VIA EDGAR </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Mr.&nbsp;Charles Eastman and
Mr.&nbsp;Andrew Blum </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">RE:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Cemex, S.A.B. de C.V. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:18%; font-size:10pt; font-family:Times New Roman">Form <FONT STYLE="white-space:nowrap">20-F</FONT> for the year ended December&nbsp;31, 2022 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:18%; font-size:10pt; font-family:Times New Roman">File <FONT STYLE="white-space:nowrap">No.&nbsp;1-14946</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In response to your
request raised on a telephonic meeting between Cemex, S.A.B. de C.V. (&#147;Cemex&#148; or the &#147;Company&#148;) and members of the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission (&#147;SEC&#148;) that occurred on
January&nbsp;18, 2024, Cemex makes the following representation regarding its 5.125% Subordinated Notes with no fixed maturity issued in 2021 (the &#147;Notes&#148;). The Notes do not contain a maturity or repayment date, a mandatory redemption date
or a sinking fund provision. The Notes are not redeemable at the option of the holders of the Notes (the &#147;Noteholders&#148;). The Notes do not have the benefit of standard debt covenants. There are no defaults or events of default under the
Notes and there are no cross defaults under the Notes. In other words, the Notes do not include an event of default relating to a payment or covenant default with respect to other indebtedness, or acceleration of any other indebtedness. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additionally, the Company maintains control at all times of its ability to satisfy any of its obligations as they become due and all such
obligations are currently satisfied in the ordinary course of business. In the event that the Company were to face any future distress and as a consequence anticipates an inability to satisfy its obligations to creditors as they come due, it will be
entirely within the control of the Company to commence insolvency proceedings (<I>Concurso Mercantil</I>) under the laws of Mexico or Chapter 11 proceedings under U.S. bankruptcy laws in order to protect the Company. This control is critical because
in the event of a voluntary filing under Chapter 11 in the U.S., the immediate institution of the automatic stay would preclude all other parties from commencing involuntary bankruptcy proceedings against Cemex. Similarly, in the event of the
commencement of a <I>Concurso Mercantil </I>in Mexico, Cemex could seek recognition of such proceedings in the U.S. under Chapter 15, as well as the extension of the automatic stay to preclude any involuntary proceeding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In particular, Cemex would use the fact that it is a company organized and existing under the laws of Mexico, that Cemex&#146;s main corporate
offices and senior management reside in Mexico and that it has equity and debt securities listed in Mexico, to commence insolvency proceedings under bankruptcy laws in Mexico (<I>Ley de Concursos Mercantiles</I>). Under Mexican law, the requirement
that the principal amount of the Notes and any accrued and unpaid interest thereon becoming immediately &#147;due and payable&#148; in case of a &#147;Bankruptcy Event&#148; (as defined in the indenture governing the Notes) operates solely to
(i)&nbsp;establish a monetary amount to the noteholders&#146; claims and (ii)&nbsp;allow the noteholders to participate and be represented in the reorganizational phase of the proceedings. In other words, Cemex, as a matter of Mexican law, would not
have any obligation to pay the Noteholders because in such phase it is under Cemex&#146;s control to agree, or decline to agree, to a proposed plan or reorganization. The commencement by the Company of insolvency proceedings under U.S. bankruptcy
laws would not give rise to the Notes becoming due and payable under the terms of the indenture governing the Notes, and hence the Notes would continue to be perpetual instruments and would be treated similar to common equity, but would have a
preference to common equity in a liquidation scenario. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Ave. Ricardo Marg&aacute;in Zozaya No.&nbsp;325, Colonia Valle del Campestre, San
Pedro Garza Garc&iacute;a, N.L, 66265 M&eacute;xico </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Tel.: +52 (81) 8888-8888 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">www.cemex.com </P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 24,
2024</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
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</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Because of the above, it is the Company&#146;s conclusion that there is no circumstance
which is outside the Company&#146;s control where the Company would be required to make a payment to Noteholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based on the above
legal considerations, our accounting analysis under IAS 32, <I>Financial Instruments: Presentation</I> (&#147;IAS 32&#148;) can be summarized as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The notes do not meet the definition of a financial liability according to paragraph 11 of IAS 32 considering
that the Notes include no contractual obligation: (i)&nbsp;to deliver cash or another financial asset to another entity; or (ii)&nbsp;to exchange financial assets or financial liabilities with another entity under conditions that are potentially
unfavorable to the issuer. This is because: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Subordinated Noteholders have agreed to the deferral of interest and principal so Cemex has the unilateral
and unconditional right to perpetually defer the payment of principal and interest; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Cemex controls at all times any payments to be made to the Noteholders, even in the event of bankruptcy under
either the laws of Mexico (<I>Ley de Concursos Mercantiles</I>) or U.S. bankruptcy laws (Chapter 11); and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Notes represent equity instruments because contractually they evidence a residual interest in the assets of
the entity after deducting all of its liabilities. The only requirement to settle the Notes would be in liquidation, which IAS 32.25(b) indicates is akin to an equity instrument, rather than a financial liability. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&#8195;&#8195;*&#8195;&#8195; *&#8195;&#8195;* </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Ave. Ricardo
Marg&aacute;in Zozaya No. 325, Colonia Valle del Campestre, San Pedro Garza Garc&iacute;a, N.L, 66265 M&eacute;xico </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Tel.: +52 (81)
8888-8888 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">www.cemex.com </P>

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 24,
2024</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"> Page
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</TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you should have any questions about this letter or require further information, please
contact Jaime Leal Ammler (Cemex Accounting Technology Director&#151;Controllership) at +52 (81) 8888-4183, or our U.S. legal counsel Gregory A. Fernicola (Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP) at +1 (212)
<FONT STYLE="white-space:nowrap">735-2918.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Maher <FONT STYLE="white-space:nowrap">Al-Haffar</FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Maher <FONT STYLE="white-space:nowrap">Al-Haffar</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Executive Vice President of Finance and Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Jaime Leal Ammler, Cemex Accounting Technology Director &#150; Controllership </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Gregory A. Fernicola, Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Ave. Ricardo
Marg&aacute;in Zozaya No. 325, Colonia Valle del Campestre, San Pedro Garza Garc&iacute;a, N.L, 66265 M&eacute;xico </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Tel.: +52 (81)
8888-8888 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">www.cemex.com </P>

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