Vitro completes trade receivable securitization programme

Vitro has successfully completed its new issuance programme, guaranteed by the trade receivable of its subsidiaries. The issuance has a face value of MXN 1,200 million, a maturity of three years, and an interbank equilibrium interest rate.

Vitro, S.A.B. de C.V., the leading glass producer in Mexico, informs that it successfully completed its new issuance programme (VTOSCB 13) guaranteed by the trade receivable of its subsidiaries Compañía Vidriera, S.A. de C.V. (COVISA), Vitro Automotriz, S.A. de C.V. (VAU), Vitro Vidrio y Cristal, S.A. de C.V. (VVC), and Vitro Flotado Cubiertas, S.A. de C.V. (VFC).
The issuance, with a face value of MXN 1,200 million, a maturity of three years, and an interbank equilibrium interest rate (TIIE for its acronym in Spanish) plus 1.7%, has two AAA ratings given by Standard & Poor’s and HR Ratings respectively, and was funded by Casa de Bolsa Banorte Ixe and Casa de Bolsa BBVA Bancomer as underwriters and Actinver as co-leader.
The proceeds will serve to pay in advance its two current programmes guaranteed by the trade receivable of the Glass Containers business unit: VENACB 09 and VENACB 11, as well as a private issuance of Senior Notes guaranteed by the trade receivable of the Flat Glass business unit: VPLANO. The remaining fund will serve to prepay other current debt.
“This new structure has the strength of its predecessors, which was proved during Mexico’s low economic periods that affected the company in the recent years. Its soundness was due to the diversification of Vitro’s market portfolio and to the great number of clients that are leaders in their sectors. As a consequence, we can confirm that the new issuance combines both strength and diversification of such structures, resulting in a much more solid trade receivable securitization programme,” declared Claudio Del Valle, Vitro’s Chief Administrative and Financial Officer.
The subsidiaries COVISA, VAU, VVC, and VFC have maintained for years steady business relations with other nationally and internationally renowned companies in the beverage, food, beer, wine, and liquor markets, as well as in the pharmaceutical, cosmetic, automotive, and construction sectors, among others.
“The great majority of Vitro’s clients are world class organizations. We have built a long-term relationship with them and, as a consequence, they have maintained their trust in the company,” said Del Valle.