Cemex has signed a private agreement with an institutional investor to exchange its 6.277% fixed-to-floating rate callable perpetual debts worth $162.42 million for new notes. The Mexican building materials supplier has swapped its existing notes for new 9.25% U.S. dollar-denominated senior secured notes worth $125.2 million, due in 2020.

The new bonds will be issued by Cemex España and will be guaranteed by CEMEX, Cemex México and New Sunward Holding on or before March 4, 2011. The exchange may result in Cemex reducing its financial obligations by about $41 million.

Click here for the release from Cemex.