Cemex said Friday it has reached a private agreement to swap perpetual securities for dollar-denominated notes due 2020 that will lower its obligations by around US$41m.

The agreement with an institutional investor involves the exchange of EUR119.4m, equivalent to US$162.4m, of 6.277% perpetual debentures for US$125.3m of 9.25% senior secured notes due 2020, Cemex said in a press release.

Cemex had net debt plus perpetual notes of US$17.05bn at the end of 2010
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