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MONTERREY, Mexico, July 12 (Reuters) - Mexico's Cemex, the world's No. 3 cement maker, said on Tuesday it plans to issue $213 million (2.5 billion pesos) in local bonds as part of its ongoing effort to refinance high debt obligations.
Five-year local bonds will be auctioned on July 21 and will be used in part to prepay notes maturing in December 2011, according to a document sent to the Mexican stock exchange.
Heavily indebted Cemex is struggling under weak demand in the U.S. housing market, where the company is the top cement supplier.
Last month the company canceled plans to sell $650 million in bonds as investors worried about a global economic slowdown.
The company was aiming to raise money to help pay $1.2 billion in debt amortizations by the end of 2013 before being hit with an $8 billion payments bottleneck in 2014. ($1=11.76 pesos) (Reporting by Gabriela Lopez; Editing by Muralikumar Anantharaman)