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Mexico's Cemex to place debt backed by receivables

Tue Jul 7, 2009 4:18pm EDT

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MONTERREY, Mexico, July 7 (Reuters) - Mexico's Cemex, struggling to renegotiate billions of dollars in bank loans, plans to place up to $374 million worth of local debt backed by accounts receivable.

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Standard and Poor's on Tuesday rated the first part of the new program, equivalent to $172 million and expiring in 2011, "MXAAA", equivalent to investment grade.

"With this new program, Cemex is diversifying its financing ... giving it better liquidity," said Francisco Suarez, an analyst at Actinver brokerage in Mexico City.

Cemex (CMXCPO.MX) (CX.N), 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 last week it asked creditors to give it an extension until 2014 to repay its bank loans. ($1 dollar = 13.36 pesos) (Reporting by Gabriela Lopez; Editing by Dan Grebler)

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