Announces Successful Closing of US$110 million Senior Short Term
Guaranteed Notes Issued by Vitro Envases Norteamerica, S.A. de C.V.
Vitro, S.A. de C.V. has announced that its subsidiary, Vitro Envases
Norteamerica, S.A. de C.V., Vitro's glass containers division, successfully
closed the issuance of US$110 million aggregate principal amount
of Senior Short Term Guaranteed Notes.
The Notes have a 12-month maturity and a 10 percent interest rate.
The net proceeds will be used to prepay the US$105 million Loan
Agreement with Credit Suisse at VENA.
The market reacted very positively to the offering, which was oversubscribed
by 40 percent. This oversubscription, coupled with a lower interest
rate than the loan to be prepaid, demonstrates VENA's ability to
access the market on more favorable terms.
"This transaction is in line with our financial strategy to
lower interest rates. It also reflects VENA's strong performance
and the market's recognition of a clear decoupling of VENA's risk
from that of the Holding Company. In addition it is the result of
Vitro's positive trend and the acknowledgment that we are delivering
on our promises," said Alvaro Rodriguez, Vitro's CFO.
The arranger and dealer of the Notes was BCP Securities, LLC.
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