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.