Mexico's Vitrocrisa Comercial obtains $75 million credit facility

By Reshmi Basu

New York, April 14 - Vitrocrisa Comercial S de RL de CV said it obtained a new $75 million credit facility, refinancing approximately 90% of its debt.

The syndicated loan is broken down into two tranches.

The first tranche consists of a $42 million five-year term loan and a $10 million three-year committed revolving line of credit.

The second tranche is comprised of a $23 million three-year term loan.

The glassware company used most of the proceeds to pay down short-term maturities, extending the average life of its debt from one year to three years.

"Through this transaction, Vitro refinanced close to 40% of its non-revolving bank debt due in 2004, following up on its strategy to proactively seek refinancing alternatives and improve its debt profile." said Alvaro Rodriguez, chief financial officer, in a news release.

Bank of Montreal and Banamex led the syndicate. Standard Federal Bank, HSBC Mexico, the Bank of Nova Scotia and Comerica Bank also participated. Also, HSBC acted a collateral agent.

Garza Garcia, Nuevo Leon, Mexico-based Vitocrisa is a joint venture between Vitro SA de CV and Libbey Inc.

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