Bonds News

Mexico's Cemex says amortizes debt worth nearly $400 million

MEXICO CITY, May 9 (Reuters) - Mexican cement maker Cemex said on Monday it had amortized debt worth $397.4 million that was due to expire in 2018 and 2019, as part of its refinancing strategy to lower costs.

Cemex, which has been selling assets to cut debt, announced an offer to buy back up to $400 million in debt last month. As part of that offer, Cemex said certain notes tendered before 8 a.m. (1200 GMT) on May 9 would be eligible for an early tender premium.

The Monterrey-based firm said it would pay for the early tendered notes - the 2018 floating rate notes, and its 2019 notes bearing a 6.5 percent coupon - on May 12, and expected to pay $423.9 million.

Reporting by Gabriela Lopez; Editing by Richard Pullin