Vitro secures five-year bank loan

Vitro secures five-year bank loan

Loans Debt Mexico

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.

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