Vitro, S.A. de C.V. announced that its subsidiary Vitro Plan, S.A. de C.V., Vitro“s flat glass division, closed on 22 August 2005 the private issue of USD 21.5 million in Notes, placed through a trus…
Vitro, S.A. de C.V. announced that its subsidiary Vitro Plan, S.A. de C.V., Vitro“s flat glass division, closed on 22 August 2005 the private issue of USD 21.5 million in Notes, placed through a trust, at an interest rate of 6.5%. The trust was specifically formed for the 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., Vitro Flotado Cubiertas, S.A. de C.V., Vitro Automotriz, S. A. de C.V., and Vitro Vidrio y Cristal, S.A. de C.V. 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 A.mx from Standard & Poor“s Mexico.