Vitro has made a partial prepayment of USD 35 million to the USD 235 million Note issued on 8 April 2013 and has extended its maturity to 23 January 2016. The outstanding balance after the prepayment is USD 200 million, and it will maintain an annual fixed interest rate of 8%.
The outstanding balance after the prepayment is USD 200 million, and it will maintain an annual fixed interest rate of 8%.
Referring to the prepayment and extension of maturity, Adrián Sada Cueva, Chief Executive Officer of Vitro, stated: “Consistent with our strategy to continue improving our financial structure and thanks to an efficient cash flow management, we made an important prepayment to our debt enabling us to strengthen our balance sheet.”
"In addition, we extended the maturity date to 23 January 2016, allowing us greater flexibility to continue with the company’s scheduled investments for organic growth, while analyzing several options that the markets could present," he added.
The partial prepayment and maturity extension was formalized by an agreement between the parties where the terms and conditions were ratified and the new maturity established.
Claudio Del Valle, Vitro’s Chief Financial Officer, said: "We are constantly seeking to improve the company’s balance sheet and through this agreement Vitro reduces its leverage ratio by making a debt prepayment and improves its maturity profile.”