Mexican cement maker Cemex said on Thursday it had amortized debt worth US$352.95 million that was due to expire in 2022, as 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 in April, but had said it would not buy back more than US$150 million of the 2022 debt.
However, on Thursday Cemex said debtholders agreed to an early tender of the 9.375 percent notes falling due in 2022, with the company agreeing to pay US$352.946 million.
Cemex said it expected to make the payment on July 19. It was not clear why Cemex amortized more than it had previously contemplated.