UPDATE 3-Mexico's Cemex wants to extend debt to 2014

* Cemex asks to repay $14.5 bln in bank debt by 2014

* Cemex to meet creditors on Wednesday in Madrid

* Proposal likely to help share price (Updates with possible share offer paragraph 6)

By Robin Emmott

MONTERREY, Mexico, June 30 (Reuters) - Mexican cement maker Cemex (CMXCPO.MX) (CX.N), which faces pressing debt payments as its sales slump, said on Tuesday it asked creditors to give it an extension until 2014 to repay its bank loans.

Cemex, which took on short-term debt to pay for its 2007 takeover of Australia's Rinker, faces $4.1 billion of maturities by the end of this year and has another $10.4 billion due by 2011.

The world's third-biggest cement company said it made its proposal to pay $14.5 billion by February 2014 to creditors in New York on Monday and will meet its bankers in Madrid on Wednesday.

Cemex declined to comment on how its plan was received in New York.

"The key component of the proposed refinancing plan is a revised maturity schedule on a new facility encompassing $14.5 billion in bank debt that would run through February 2014. This revised schedule would shift 2009-2011 maturities substantially into the future," Cemex said in a statement.

Cemex, which has already won more time on debt payments that were due in March, said in a separate filing it was also considering a share offering as one way to help finance its debt repayments, although it declined to give more details.

The debt plan is likely to boost growing investor optimism that Cemex can avoid a default and refinance its debt.

"This gives a lot of credibility to the progress they say they are making and we think (2014) is enough time for them to refinance," said Patricio Rivera-Torres, an analyst at Ixe brokerage in Mexico City, adding that he expected Cemex's share price to rise at the market open on Wednesday.

Hit by a recession in its key U.S. market, Monterrey-based Cemex started refinancing talks with its banks earlier this year after failing to sell assets quickly and sell an international bond to help pay off debt.

Some of the banks with which Cemex is negotiating include: New York-based Citigroup (C.N); Spain's BBVA (BBVA.MC) and Santander SBP.N; Europe's top bank, HSBC (HSBA.L); and Britain's Royal Bank of Scotland (RBS.L).

Once praised as a star in emerging markets, Cemex ran into trouble after it bought Rinker just as the U.S. housing crisis gained pace.

Cemex's sales in Europe and the United States have suffered heavily, cutting cash flow and the company's ability to pay back debt quickly.

As asset sales proved difficult, Cemex agreed to sell its Australian operations to Switzerland's Holcim (HOLN.VX) for a fire-sale price of $1.6 billion this month, about half what it paid in 2007.

Cemex also sold three U.S. quarries to Martin Marietta Materials (MLM.N) for $65 million.

Debt refinancing could now double Cemex's annual interest payments to about $2 billion a year, an amount the company can afford but that would put constraints on its profitability and power to buy up more rivals in the future. (Additional reporting by Gabriela Lopez)