Vitro Announces Successful Closing of Trade Receivables Securitization From Its Subsidiary Vitro Plan

Date: 29 August 2005
Source: Yahoo.com

Date: 29 August 2005

Vitro, S.A. de C.V. ("Vitro") (NYSE: VTO; BMV: VITROA) announced that its subsidiary Vitro Plan, S.A. de C.V. ("Vitro Plan"), Vitro's flat glass division, closed on August 22nd, 2005 the private issuance of US$21.5 million in Notes, placed through a trust, at an interest rate of 6.5 percent.

The trust was specifically formed for this 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. ("Dinavisa"), Vitro Flotado Cubiertas, S.A. de C.V. ("VFC"), Vitro Automotriz, S.A. de C.V. ("VAU") , and Vitro Vidrio y Cristal, S.A. de C.V. ("VVC").

This Mechanism has proven to be cost efficient financing for Working Capital, as well as being innovative in the Mexican Market.

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.
600450 Vitro Announces Successful Closing of Trade Receivables Securitization From Its Subsidiary Vitro Plan glassonweb.com

See more news about:

Others also read

MORE...

Emirates Glass wins major supply contract for Palm Jumeirah
Emirates Glass, a Dubai Investment subsidiary, has won a major contract to supply 140,000 square meters of its premium glass to the prestigious development on the Palm Jumeirah, reaffirming its already established reputation as the single most prominent company in the entire regional glass industry.The deal was announced during the company's participation in the prestigious Big 5 show, the largest annual venue for the entire Middle-East glass contracting industry.
ISRA Receives Major Display Glass Inspection Order
Isra Vision Systems AG supplier of machine vision systems, has successfully improved its market position in display glass inspection with a major order totalling 1.8 Mio Euro.
Rexam, buyout firms to bid for Calmar-sources
Packagers such as the UK's Rexam and private equity firms are set to vie for pump-sprayer business Calmar, which France's Saint-Gobain (SGOB.
Company to close lime plant in Carey next month
The National Lime & Stone Co. will discontinue production of calcined lime early next month at its Carey plant, the company CEO announced Thursday.
China glass import a cheaper option for Amritsar firm
Jain Scientific Glass Works, manufacturers of glassware for laboratories, is importing glass as raw material from China, which was much cheaper than the local product and abundantly available.
Corning, AGC Glass-substrate Capacity Expansion Projects Unit: 1 furnace Company Location 2004 2005 2006 Corning U.S.
Japan 1 2 1 S. Korea 6 6 3 Southern Taiwan 4 2 0 Central Taiwan 0 4 2 AGC Japan 0 1 1 Taiwan (Yunlin) 1 1 1 Source: PIDA (Photonic Industry & Technology Development Association) Taiwan TFT-LCD Panel Makers Happy to See Substrate-price Falls in 2006 Taipei, Dec. 27, 2005 (CENS)--Both of the world's top-two glass-substrate makers are actively expanding their production capacity in Taiwan, which is expected to cut substrate transportation time and cost for local thin film transistor-liquid crystal display (TFT-LCD) panel makers and boost production efficiency, according to Michael Wang, project manager and senior analyst of Taiwan's PIDA (Photonic Industry & Technology Development Association).According to Wang, Asahi Glass Co. (AGC) of Japan has solved problems in lowering the defect-free rate for the production of fifth- and sixth-generation (5G, 6G) glass substrates, and is expected to tap the market with products with higher price competitiveness in 2006 to grab more market share in the 6G substrate businessIn addition, Wang added, the aggressive capacity added by both Corning of the U.S., the world's No. 1 substrate supplier, and AGC, the No. 2, will lead to price drops for glass substrates and will especially benefit TV panel makers such as AU Optronics Corp. (AUO) and Chi Mei Optoelectronics Corp. (CMO) in TaiwanCurrently, Wang pointed out, a 6G substrate is priced at about 27,000 to 30,000 Japanese yen, about 1,000 to 2,000 yen lower than in the third quarter of 2005.

Add new comment