Vitro Signs Syndicated Facility for $201 Million

Date: 4 March 2003
Source: New.stockwatch.com

Date: 4 March 2003

Vitro, S.A. de C.V., through its subsidiary Vitro Plan, S.A. de C.V., as borrower, executed a credit facility providing for new financing in an aggregate principal amount equal to US$201 million, which validates Vitro's strategy to proactively seek refinancing alternatives in capital markets.

The facility was led by Comerica Bank and Citibank, and included as participants Banco Nacional de Comercio Exterior, Wachovia Bank, Caixa Nova and Bank of Montreal.The loan, which has a 3-year tranch and a 5-year tranch in dollars and a 4-year tranch in pesos, has an average life of debt of two and one-half years, which improves Vitro's debt profile.This loan, in addition to other transactions undertaken during the last few months, has allowed Vitro to significantly extend its average life from 1.8 years in December 31st, 2001 to 3.4 years on a pro forma basis as of February 28, 2003.

The loan is relevant in several ways. First, it reflects the confidence that a core group of lenders, are placing on Vitro and its management, in the middle of an adverse macroeconomic environment. Secondly, it allows Vitro to diversify its sources of financing by bringing new lenders, such as Wachovia and Caixa Nova, to participate in the deal. Thirdly, it reinforces Vitro's measures to reduce its cost of funding, extend the tenor of its indebtedness and improve its debt profile.

Vitro will use the proceeds of the facility to pay down mostly short-term maturities and some long-term debt with less favorable financial conditions.
600450 Vitro Signs Syndicated Facility for $201 Million glassonweb.com

See more news about:

Others also read

MORE...

Emirates Glass wins major deals
Local quality glass producer Emirates Glass Limited has won contracts to supply 68,000 square metres of its high quality EmiCool glass to five major projects in Dubai.
Southwall Technologies Secures New Bank Loan and Equity Financing Agreement Led by Needham & Company
Southwall Technologies Inc. (Nasdaq:SWTX), a global developer, manufacturer and marketer of thin-film coatings for the electronic display, automotive glass and architectural markets, today announced that on Dec. 18, 2003, it secured an agreement for a new bank loan guarantee and equity financing package of up to $7.5 million from Needham & Company, Inc., its affiliates and Dolphin Asset Management.
KUB accepts Nippon Sheet Glass offer
KUB Malaysia Bhd has accepted an offer from Nippon Sheet Glass Co Ltd (NSG) to acquire its 15% stake in Malaysian Sheet Glass Bhd (MSG) for RM32.6 million in cash, or RM2.68 per share.
Micro-Tek Canada, Inc. and Co-Ventures in Glass Containers, Ltd.
Co-Ventures in Glass Containers (CVIGC, Ltd.) of Tampa, Florida, USA and Micro-Tek Canada, Inc. Of Toronto, Canada are excited to announce the beginning of a long term joint venture to combine their extensive experiences and resources to offer the Glass Container Industry globally a best value alternative for all their outsourcing needs in manufacturing, operations and technical assistance agreements, specifically targeted to the smaller manufacturers who have found the larger service companies to be cost and profit prohibitive.The principals of the two companies have found a global need for smaller glass companies who require excellent technical resources to properly compete within the industry without the high costs of employing their own staffs or outsourcing their requirements to the larger service companies whose own operating costs and overhead are substantial.
Autoglass maker dumps dumping charges
China's largest automobile glass maker Fuyao Glass Industry Group Co, Ltd, won its case against the dumping ruling of the US Department of Commerce (DOC).
History of Glass Wine Bottles
When did the wine industry start using glass bottles, and how did they settle on their current size of 750ml? For the answer to these questions, you have to go back in time - back thousands of years to when wine was first cultivated and enjoyed.

Add new comment