Cemex SAB’s bonds rallied after the company said it plans to meet with banks to extend by three years the maturity of loans coming due in 2014.

Cemex bonds due in 2015 rose 1.63 cents on the dollar to 79.31 cents at 10:28 a.m. in New York, according to data compiled by Bloomberg. The yield on the notes fell 86 basis points, 0.86 percentage point, to 14.33 percent, the lowest since May 15.

To contact the reporter on this story: Veronica Navarro Espinosa in New York at vespinosa@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net