Cemex said on Tuesday that creditors had so far agreed to swap debt holdings for US$421m of new high-yield notes as part of its plan to refinance its debt burden.

Reuters reports that the exchange offer, for up to US$500m of new 9.5 per cent notes due in 2018, is part of a plan Cemex aims to conclude in the third quarter of this year to gain breathing room ahead of the maturing of US$7.25bn in debt in 2014.

The offer, which was launched early this month, ends on 20 August. The US$421m figure is as at July 19.

Cemex last week reported its highest quarterly operating core profit in nearly three years on a pickup in its US business.