Vitrocrisa Comercial is a joint venture between Vitro, S.A. de C.V., which holds a 51% stake and Libbey Inc., which holds the remaining 49%. The syndicated loan comprises two tranches. Tranche A consists of a US$42 million, 5-year term loan and a US$10 million, 3-year committed revolving line of credit. Tranche B consists of a US$23 million, 3-year term loan. Vitrocrisa Comercial used most of the proceeds of the facility to pay down short-term maturities, extending the average life of its debt from 1 year in December 31st, 2003 to 3 years on a pro-forma basis. Through this transaction, Vitro refinanced close to 40% of its non-revolving bank debt due in 2004, following up on its strategy to proactively seek refinancing alternatives and improve its debt profile. said Alvaro Rodriguez, Vitro´s Chief Financial Officer. The facility was led by Bank of Montreal and Banamex, and included as participants Standard Federal Bank, HSBC Mexico, the Bank of Nova Scotia, and Comerica Bank. HSBC also acted as collateral agent.
Vitrocrisa Comercial, S. de R.L. de C.V. announced today that it has secured a credit facility in an aggregate principal amount of US$75 million, refinancing approximately 90% of its debt through the transaction.
2004-04-20T13:00:00Vitros Glassware Subsidiary Secures Syndicated Bank Facility of US$75 million glassonweb.com