Glass Maker Vitro SA Gains On Refinance

Shares of Mexican glass maker Vitro SAB de CV shattered a 52-week high Thursday after the company said it is refinancing its debt.

The company's glass container business unit, Vitro Evases Norteamerica, offered to pay cash for its 10.75 percent senior secured guaranteed notes, worth a total of $250 million. Vitro also announced a new $750 million debt offering to refinance its debt.

Vitro SAB, Mexico's largest glass maker, said the offer is part of a "major initiative" to improve its capital structure and liquidity.

The offer to purchase the 10.75 percent notes expires at midnight on Feb. 7

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