Finacity Corporation Announces Successful MXN 1.2 Billion Trade Receivables Securitization for Vitro S.A.B. de C.V. in Mexico
November 2013 by Finacity
November 20, 2013 (Stamford, CT). Finacity Corporation (“Finacity”) announced today the successful merging of two existing trade receivables securitizations for Vitro S.A.B. de C.V. (“Vitro”) (BMV:VITROA). 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: VITROA), 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 www.vitro.com.
About Finacity CorporationFinacity 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
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