Vitro completes funding of trade receivables securitization

Vitro S.A.B. de C.V., Mexico’s largest glass manufacturer, announced today that it has successfully completed the refinancing of its two-tranche trade receivables securitization for two of its wholly owned subsidiaries, according to an April 1 company release.

The senior tranche is a $550 million peso variable rate investment grade bond. The senior tranche is funded by Ixe Banco, Institución de Banca Múltiple, and Ixe Grupo Financiero, a local Mexican bank. The subordinate tranche is an unrated US$19 million dollar fixed rate bond funded by a multinational investor with recourse back to Vitro. Finacity Corp. structured the transaction, and will act as, master servicer, servicer and bond administrator.

Read full release.