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Vitro units sell repayment rights in Ps. 550 million, $19 million certificates
By Caroline Salls
Pittsburgh, March 31 - Vitro SA de CV said subsidiary Vitro Envases Norteamerica SA de CV sold Ps. 550 million certificados bursatiles backed by debts owed to three of its subsidiaries in the first securitization of its kind in Mexico.
The certificados bursatiles were priced at a rate of TIIE plus 120 basis points.
Vitro Envases Norteamerica also sold $19 million of subordinated certificates.
The rights to the repayments will be transferred to the buyers of the certificates. The Vitro subsidiaries securitizing the debts are Compania Vidreiera SA de CV, Industria del Alcali SA de CV and Comercializadora Alcali S de RL de CV.
The certificates are rated mxAAA by S&P and Aaa.mx by Moody's de Mexico.
Vitro Envases Norteamerica, based in Monterrey, Mexico, is one of the world's largest producers and distributors of glass products.
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