Cemex said on Wednesday it would buy back more than US$950m worth of its debt from bondholders through a tender offer, as part of a wider plan under a new chief executive to reduce its leverage, Reuters reports.

Cemex said holders of US$592.5m worth of outstanding nine per cent notes due in 2018 and US$365.1m worth of 9.25 per cent notes due in 2020 had tendered their notes by the Wednesday deadline.

The purchase will help the company to lower its debt-to-equity ratio and reduce interest payments.

Cemex announced the offer to buy back the debt on 4 September.