Vitro Announces Successful Closing of Trade Receivables Securitization From Its Subsidiary Vitro Plan

Vitro, S.A. de C.V. ("Vitro") (NYSE: VTO; BMV: VITROA) announced that its subsidiary Vitro Plan, S.A. de C.V. ("Vitro Plan"), Vitro's flat glass division, closed on August 22nd, 2005 the private issuance of US$21.5 million in Notes, placed through a trust, at an interest rate of 6.5 percent.

The trust was specifically formed for this securitization transaction. Interest and principal on the debt from the Notes are payable from receivables to be originated by four subsidiaries of Vitro Plan. The Vitro Plan subsidiaries that will be assigning receivables to the trust are: Distribuidora Nacional de Vidrio, S.A. de C.V. ("Dinavisa"), Vitro Flotado Cubiertas, S.A. de C.V. ("VFC"), Vitro Automotriz, S.A. de C.V. ("VAU") , and Vitro Vidrio y Cristal, S.A. de C.V. ("VVC").

This Mechanism has proven to be cost efficient financing for Working Capital, as well as being innovative in the Mexican Market.

Vitro Plan will use the proceeds to finance working capital and debt refinancing. The transaction will not increase the company's on-balance sheet debt.

The transaction received a rating of from Standard & Poor's Mexico.

600450 Vitro Announces Successful Closing of Trade Receivables Securitization From Its Subsidiary Vitro Plan

See more news about:

Others also read

Emirates Glass, a Dubai Investment subsidiary, has won a major contract to supply 140,000 square meters of its premium glass to the prestigious development on the Palm Jumeirah, reaffirming its already established reputation as the single most prominent company in the entire regional glass industry.The deal was announced during the company's participation in the prestigious Big 5 show, the largest annual venue for the entire Middle-East glass contracting industry.
Isra Vision Systems AG supplier of machine vision systems, has successfully improved its market position in display glass inspection with a major order totalling 1.8 Mio Euro.
Packagers such as the UK's Rexam and private equity firms are set to vie for pump-sprayer business Calmar, which France's Saint-Gobain (SGOB.
Jain Scientific Glass Works, manufacturers of glassware for laboratories, is importing glass as raw material from China, which was much cheaper than the local product and abundantly available.
The National Lime & Stone Co. will discontinue production of calcined lime early next month at its Carey plant, the company CEO announced Thursday.
The following stocks are moving in Japanese markets today. Prices are as of 12:55 p.m. at the Tokyo Stock Exchange. Stock symbols are in parentheses after company names.

Add new comment