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Vitro Says It Issued Debt Approved Under Restructuring

Post Time:Mar 26,2012Classify:Company NewsView:216

 

Vitro SAB, the Mexican glassmaker in contested bankruptcy proceedings, said it issued debt as part of the restructuring approved earlier this year by a judge in Monterrey, Mexico.

 

Vitro issued senior notes worth $815 million with an interest rate of 8 percent and maturing in 2018 along with obligatory convertible notes worth $110 million with an interest rate of 12 percent. The convertible notes mature in 2015 and would convert to a 20 percent equity stake if they aren’t paid down before maturity.

Vitro said it also paid a restructuring fee, without disclosing the amount. The company sent an e-mailed statement today.

 

Source: http://www.bloomberg.comAuthor: shangyi

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