Cemex launched a proposal on Monday to refinance debt due in 2014. The company said it will propose a three-year extension of debt maturing in February 2014 to February 2017, and it plans a US$1bn pay down of debt in 2013, which may include some asset sales.

The company said it had meetings scheduled with its lenders on June 29 and July 2 to discuss the refinancing proposal, which was negotiated with a number of its banks.

The proposal also includes an upfront fee and revised margin, the statement said.