July 6, 2018 |
Mexican glass producer Vitro said it has secured a five-year $700m loan from BBVA Bancomer and HSBC to refinance existing debt.
The facility pays an initial margin of 200bp over Libor and is tied to a leverage grid. According to Vitro, the new loan reduces interest expenses by about $12m a year and improves the company's maturity profile.
The loan was oversubscribed by more than 60% and included participation from 10 other banks. Sources at BBVA and HSBC were unavailable to comment on the deal.
Mexican glass producer signs $700m facility at 200bp over Libor, refinancing existing debt