MEXICO CITY (Reuters) - Mexican cement producer Cemex said on Wednesday it would buy back more than $950 million 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.
Cemex, one of the world’s largest cement maker, said holders of $592.5 million worth of outstanding 9 percent notes due in 2018 and $365.1 million worth of 9.25 percent notes due in 2020 had tendered their notes by the Wednesday deadline.
The purchase will help the company, which has grappled with a heavy debt burden and cost-cutting since the global downturn, to lower its debt-to-equity ratio and reduce interest payments.
Cemex announced the offer to buy back the debt on September 4.
Reporting by Christine Murray; Editing by Anand Basu