Cemex to buy back MXP6bn in debt

Cemex to buy back MXP6bn in debt
Published: 07 May 2010

Cemex said on Thursday it would buy back up to MXP6.1bn (US$470m) in short-term debt as it continued with its debt restructuring strategy.

Cemex has been wrestling to restructure its US$18bn debt load after the bottom fell out of the US housing market shortly after it loaded up on short-term borrowings to finance its takeover of Australian rival Rinker.

Cemex said in a statement it had the funds to buy back four series of short-term debt securities issued in Mexico worth just over MXP6.1bn following a convertible bond issue in March.