According to a report by Reuters, Cemex has announced that it has amortised debt worth US$352.95 million that was due to expire in 2022, as part of its refinancing strategy to lower costs.
Cemex has been selling assets to cut debt.
The company announced an offer to buy back up to US$400 million in debt in April, but had said it would not buy back more than US$150 million of the 2022 debt.
However, on 14 July, Cemex said that debtholders agreed to an early tender of the 9.375% notes falling due in 2022, with the company agreeing to pay US$352.946 million.
Cemex said it expected to make the payment on 19 July.
Adapted from press release by Joseph Green
Read the article online at: https://www.worldcement.com/the-americas/15072016/cemex-amortizes-debt-million-540/