(Corrects with trust, not Cemex obtaining the debt)
MONTERREY, Mexico, July 12 (Reuters) - Mexico’s Cemex, the world’s No. 3 cement maker, said on Tuesday it plans to raise $213 million (2.5 billion pesos) through the securitization of accounts as part of its ongoing effort to refinance high debt obligations.
A trust set up by HSBC Mexico will issue receivables backed local bonds for Cemex’s subsidiaries.
The five-year local bonds will be auctioned on July 21 and 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)