Vitro Says It Issued Debt Approved Under Restructuring
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.
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