Mexican cement maker Cemex has amortised a US$352.95m debt that was due to expire in 2022, as part of its refinancing strategy to lower costs, reports Reuters.

Cemex, which has been selling assets to cut debt, announced an offer to buy back up to US$400m in debt in April but said it would not buy back more than US$150m of the 2022 debt.

However, on Thursday Cemex said debtholders agreed to an early tender of the 9.375 per cent notes falling due in 2022, with the company agreeing to pay US$352.946m.