August 21, 2012 / 1:37 PM / 5 years ago

UPDATE 1-Mexico's Cemex nears closing on refinancing deal

MEXICO CITY, Aug 21 (Reuters) - Mexican cement maker Cemex said on Tuesday it was closer to wrapping up an ambitious refinancing deal that will help it handle $7.2 billion of debt maturing in 2014.

In June, Monterrey-based Cemex offered creditors a deal that called for a debt exchange, possible asset sales, a prepayment and revised financial covenants in a bid to gain breathing room ahead of the debt coming due.

Cemex said some creditors have agreed to swap about $470 million worth of debt for new high-yield notes as part of the broader refinancing deal. The maximum offered in these instruments was $500 million.

Additionally, Cemex said about 90 percent of lenders have said they are willing to participate in the exchange of the rest of the debt.

The company is giving creditors until Sept. 7 to decide whether to participate in the debt exchange.

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