Finacity Corporation Successfully Structures Trade Receivables Securitization for Vitro S.A.B. de C.V. in Mexico
01 Abril 2009 - 7:47PM
Marketwired
Finacity Corporation announced today that on March 31, 2009 it
facilitated the funding of a two-tranche trade receivables
securitization for two subsidiaries of Finacity's client Vitro
Envases Norteamerica S.A. de C.V. ("VENA"), a 100% owned subsidiary
of Vitro S.A.B. de C.V. ("Vitro") (NYSE: VTO) (BMV: VITRO A).
Acting as the Structurer, Master Servicer, Servicer and Bond
Administrator, Finacity successfully facilitated a transaction that
provides VENA with enhanced liquidity from receivables assigned
from VENA subsidiaries Compania Vidriera, S.A. de C.V., which
conducts a substantial majority of VENA's glass container
operations in Mexico, and Industria del �lcali, S.A. de C.V., which
is engaged in the manufacture and distribution of soda ash, sodium
bicarbonate, calcium chloride and salt.
Finacity has split VENA's funding into two tranches. The senior
tranche is a MXN 550,000,000 variable rate investment grade bond.
The senior tranche is funded by a domestic investor in Mexico. The
subordinate tranche is an unrated USD 19,000,000 fixed rate bond
funded by a multinational investor with recourse back to Vitro. As
Bond Administrator, Finacity will generate reports daily for the
various constituents in order to provide all parties with
visibility to assets, collateral values and receivables
performance.
"This is a very important transaction for Vitro and demonstrates
the market's confidence in Vitro�s future. This important step is
appropriate to ensure Vitro's long-term success and confirms that
we are taking the right decisions to successfully face the
challenging environment. We strongly believe in the Company's
potential," commented Claudio Del Valle, Vitro's Executive Finance
and Administration President.
"We are proud and pleased to have served Vitro's needs in their
home country through such a complex transaction," said Adrian Katz,
Finacity's Chief Executive Officer. "The structure we created for
Vitro demonstrates Finacity's flexibility and breadth of execution
capabilities for our clients both in Mexico and globally."
About Finacity Corporation
Finacity specializes in the provision of efficient,
securitization-based trade receivables funding, state-of-the-art
servicing, detailed transaction transparency and reporting
solutions. Finacity's offerings can include both domestic and
international receivables for its clients. Finacity's strategic
partners and investors include ABN AMRO Bank (now RBS), Bank of
America, Euler Hermes ACI, Avenue Capital, Ecoban and Kleiner
Perkins Caufield & Byers.
Finacity is active globally with receivable obligors in more
than 80 countries. More information can be found at
www.finacity.com.
Vitro, S.A.B. de C.V.
Vitro, S.A.B. de C.V. (NYSE: VTO) (BMV: VITROA), is one of the
largest glass manufacturers in the world backed by 100 years of
experience. Through its' subsidiary companies offer products with
the highest quality standards and reliable services to satisfy the
needs of two distinct business sectors: glass containers and flat
glass. Vitro's manufacturing facilities produce, process,
distribute and sell a wide range of glass products that form part
of the everyday lives of millions of people as well as offering
excellent solutions to multiple industries that include: wine,
beer, cosmetic, pharmaceutical, food and beverage, as well as the
automotive and construction industry. In addition, Vitro supplies
raw materials, machinery and industrial equipment to different
industries. Located in Monterrey, Mexico, and founded in 1909,
Vitro currently has major facilities and a broad distribution
network in ten countries in the Americas and Europe and the
Company's products can be found all around the world. More
information can be found at: http://www.vitro.com
Media Inquiries: Adrian Katz Finacity Corporation (203) 428-3540
Email Contact
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