Maher Al-Haffar: Yes. Thank you very much, Gordon, on that question. I mean, first, in addition to the way that those two instruments are being — we’ve got $2 billion just for the listeners of subordinated notes. One is on the high side of coupon, one is on the lower side of coupon, the one that was issued earlier is on the lower side because rates spiked when we issued the second one. Very importantly, Gordon, on both of those instruments when we issued them we were internally comparing them on a cash cost basis after tax. And we believe that the after-tax cost of those instruments is actually very comparable to our senior debt. So from a cost perspective, I don’t see them costing us more. They just happen to also have the additional attribute of accounting for equity both on a total consolidated basis for CEMEX from leverage ratio calculation, but also half of those are considered as equity by the rating agencies for five years.
Now the next call — I shouldn’t say call dates, but reset dates are in ’26 and ’28 and the rates will go up materially. So we need to kind of think about what we would do with them for ’26 or ’28 not any time sooner than that. I don’t see us doing anything sooner than that. Do I see them as part of our permanent capital structure? I don’t think so. I mean, I think as our EBITDA grows and our stock of debt goes down, leverage gets more and more comfortable. It is entirely possible that, to the extent that we don’t need those that we would slowly blend them into our senior debt stack. Of course, if we need to reissue them whatever at that time, we would do that because upon reissuance, they would receive again, the equity treatment from both the rating agencies and from the leverage ratio.
So that’s how I think — that’s how we think about them, I mean, frankly, in terms of capital allocation.
Gordon Lee: Perfect. Thank you very much.
Maher Al-Haffar: Thank you very much, Gordon.
Lucy Rodriguez: Okay. Thanks Gordon. And the last question comes from Danielle Roha from Bank of America. Danielle?
Unidentified Analyst: Hi, Lucy, Fernando, Mehar. Thanks for taking my call and question. I wanted to jump back to the U.S. and maybe discuss pricing. I understand that back in January, you were able to reprice around 20% of the market with the 80% remaining sometime in April. Could you give us some feedback on how you’re seeing pricing evolving into April and May? And given price volumes going down in the first quarter, a second potential increase still in the table.
Lucy Rodriguez: Sure. Fernando, have do you want to handle that? Do you want to take it or…
Fernando Olivieri: Go ahead, Lucy. Go ahead.
Lucy Rodriguez: Okay. Yes. Well, first of all, we did increase prices in Florida in January, and we saw a good traction in terms of pricing on that increase. We do have for April, the kind of another, I think 70% of our portfolio more or less [Technical Difficulty]. In terms of pricing and the kind of pricing outlook and what are our achievements have been? I don’t know, Maher, if you want to add anything to that?
Maher Al-Haffar: No, that’s fine, Lucy.
Lucy Rodriguez: All right. Okay. Thank you very much, Daniel. Okay. So that’s it then. We appreciate you joining us today for our first quarter results, and we hope you will be back with us again for second quarter results on July 25. Many thanks, and have a good end of week.
Operator: Thank you for your participation in today’s conference call. This concludes the presentation. You may now disconnect. Good day.
