Finacity Corporation Announces Successful MXN 1.2 Billion Trade Receivables Securitization for Vitro S.A.B. de C.V. in Mexico
November 20 2013 - 8:30AM
Marketwired
Finacity Corporation Announces Successful MXN 1.2 Billion Trade
Receivables Securitization for Vitro S.A.B. de C.V. in Mexico
STAMFORD, CT--(Marketwired - Nov 20, 2013) - Finacity
Corporation ("Finacity") announced today the successful merging of
two existing trade receivables securitizations for Vitro S.A.B. de
C.V. ("Vitro") (BMV: VITRO A). The two programs, each now in
its eighth year and collateralized with receivables from
subsidiaries of Vitro Envases Norteamerica S.A. de C.V. and Vidrio
Plano de México S.A de C.V., were combined into one investment
grade bond offering rated 'AAA' on a local scale by two rating
agencies. The combined financing amount increased to MXN 1.2
billion overall and was sold to Mexican private and institutional
investors with a maturity of 3 years. Finacity will have
ongoing responsibility as Master Servicer and Bond
Administrator. As Bond Administrator, Finacity will generate
daily, monthly, and quarterly reports for the various constituents
in order to provide all parties with visibility to assets,
collateral values and receivables performance.
"We are proud of our long standing relationship with Vitro and
look forward to continuing to be of service to the company in the
coming years," said Jair Martinez, Finacity's Head of Latin
America.
About Vitro, S.A. de C.V.
Vitro, S.A. de C.V. (NYSE: VTO) (BMV: VITRO A), through its
subsidiary companies, is one of the world's leading glass
producers. Vitro is a major participant in three principal
businesses: flat glass, glass containers, and glassware. Its
subsidiaries serve multiple product markets, including construction
and automotive glass; fiberglass; food and beverage, wine, liquor,
cosmetics and pharmaceutical glass containers; glassware for
commercial, industrial and retail uses; plastic and aluminum
containers. Vitro also produces raw materials, and equipment and
capital goods for industrial use. Founded in 1909 in Monterrey,
Mexico-based Vitro has joint ventures with major world-class
partners and industry leaders that provide its subsidiaries with
access to international markets, distribution channels and
state-of-the-art technology. Vitro's subsidiaries have facilities
and distribution centers in eight countries, located in North,
Central and South America, and Europe, and export to more than 70
countries worldwide. For further information, please visit
http://www.vitro.com.
About Finacity Corporation
Finacity specializes in the structuring and provision of
efficient capital markets receivables funding programs, servicing,
and bond administration. Finacity currently facilitates the
financing and administration of an annual volume of receivables of
approximately US $75 billion. With a team in the USA and
Europe, Finacity conducts business throughout the world with
obligors in 165 countries. For further information, please
visit www.finacity.com.
For more information please contact: Jair A. Martinez Tel: (203)
428-3575 Email: Email Contact
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