Vitro has announced that it has reduced interest rate and extended maturity for Industria del Álcali’s MXN 298 million debt. The new structure will also have an interbank equilibrium interest rate of + 2.75%.
Vitro, S.A.B. de C.V., the leading glass producer in Mexico has completed the MXN 298 million bank debt refinancing of its subsidiary Industria del Álcali, S.A. de C.V., whose maturity increased from December 2014 to June 2018.
Furthermore, the new structure will have an interbank equilibrium interest rate (TIIE for its acronym in Spanish) + 2.75%. On the previous maturity, the rate stood at TIIE + 3.25%.
Claudio Del Valle, Vitro’s Chief Administration and Financial Officer, commented on the matter: “We are very pleased with the accomplishment of this refinancing, because it increases the liquidity of the Company, improving both the maturity and the interest rate of the previous structure.”
“It’s a positive outcome, which reflects the confidence of our financial partners in Vitro. It also reflects the teamwork at our organization, which has been successful in demonstrating and consolidating that position.”
Vitro is the leading glass manufacturer in Mexico and one of the world’s major companies in its industry, backed by more than 100 years of experience. Founded in 1909 in Monterrey, Mexico, the company has subsidiaries in the Americas that produce, process, distribute, and market a wide range of glass articles. The company is also a supplier of raw material, machinery, and equipment for industrial use.