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Cemex amortizes debt worth nearly US$400 million

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World Cement,

Reuters are reporting that Cemex has announced it had amortised debt worth US$397.4 million that was due to expire in 2018 and 2019. The move is part of its refinancing strategy to lower costs.

Cemex, which has been selling assets to cut debt, announced an offer to buy back up to US$400 million in debt last month.

As part of that offer, Cemex said certain notes tendered before 1200 GMT on 9 May would be eligible for an early tender premium.

They announced that it would pay for the early tendered notes - the 2018 floating rate notes, and its 2019 notes bearing a 6.5% coupon - on 12 May, and expected to pay US$423.9 million.

Edited from source by Joseph Green. Source: Reuters

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