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Mexican cement maker Cemex SAB said on Friday it has hired five banks to help it refinance part of its debt .
The amount Cemex must pay by the end of 2009 is $6.6 billion, according to Reuters. Shares of Cemex (NYSE:CX) dropped 0.49 cents or 8.70 percent to $5.14 a share at the closing of the New York Stock Exchange today.
If negotiations go as planned the company said in a statement today it "would achieve greater financial flexibility by lengthening the maturity of the bilateral and syndicated facilities."
The world's third largest cement maker said the negotiation with the banks is also for its unit in Spain CEMEX Espana S.A. The banks selected are Banco Bilbao Vizcaya Argentaria SA (BBV), Citigroup Inc. (C), HSBC Holdings PLC (HBC), Royal Bank of Scotland Group (RBS), and Banco Santander SA (STD).
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