Mexico's Vitro ups notes to $750 million, talks five years at 9%, 10 years at 9½%

By Paul A. Harris

St. Louis, Jan. 23 - Mexican glass manufacturer Vitro SA de CV upsized to $750 million from $500 million its two-part offering of senior unsecured notes (B2/B) on Tuesday, according to a market source.

Vitro has talked a $250 million minimum tranche of five-year bullet notes at 9%.

Meanwhile the company has talked a $250 million minimum tranche of 10-year notes at 9½%. The 10-year notes come with five years of call protection.

The Rule 144A with registration rights and Regulation S deal is being led by Morgan Stanley, Credit Suisse and Lehman Brothers.

The offering is expected to price on Thursday.

The notes are guaranteed by Vitro Envases, the glass containers division, and ViMexico, the flat glass division, and by their wholly owned subsidiaries.

Proceeds will be used to help fund the tender for or the company's $250 million of 10¾% senior secured guaranteed notes due 2011.

Vitro has headquarters in Garza Garcia, Mexico.

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