Mexico's Cemex launches debt swap
MEXICO CITY, July 5 (Reuters) - Mexican cement maker Cemex on Thursday launched a debt swap as it struggles with a heavy debt burden and a stagnant construction market.
The company, which presented creditors with details of the plan last week, hopes the refinancing will give it breathing room ahead of 2014, when it has $7.25 billion in debt due to expire.
The exchange offer ends on Aug. 20, Cemex said in a statement.
Cemex has been working its way out of deep debt obligations for the past three years after it was swamped by the 2008 U.S. housing meltdown shortly after paying out some $16 billion to buy Australian peer Rinker.
Cemex shares closed down 3.1 percent on the New York Stock Exchange at $6.54. The shares listed on Mexico's stock exchange were unchanged from Wednesday at 8.79 pesos. (Reporting by Elinor Comlay and Gabriela Lopez; Editing by Bernard Orr)
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