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Vitro says unit signed for syndicated loan

7 May 1998: The Envases division of Mexican glassmaker Vitro S.A. de C.V. signed a deal for a five-year syndicated loan worth US$ 150 million, a company official said recently.
“It is a credit for f…

7 May 1998: The Envases division of Mexican glassmaker Vitro S.A. de C.V. signed a deal for a five-year syndicated loan worth US$ 150 million, a company official said recently. “It is a credit for five years and for US$ 150 million that we will obtain. The rate will be 175 basis points above Libor,” said Hugo Jaime Garcia, director of corporate finance for Vitro, referring to the London interbank offered rate, or Libor. The loan will be syndicated by 11 banks, led by Midland Bank Plc. “It is a refinancing of short-term debt that we have, credits for 180 days that are used to finance external trade for the Envases division,” Garcia said.

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