By Reshmi Basu
New York, Jan. 31 - Vitro Envases Norteamerica reopened its 10¾% senior secured notes due 2011 (B2/B+) to add $80 million, according to a market source.
This brings the total size of the issue to $250 million.
Credit Suisse First Boston ran the Rule 144A/Regulation S retap.
Proceeds from the sale will be used to pay part of the company's term loan, which is set to mature in 2006.
Vitro Envases Norteamerica, based in Monterrey, Mexico, is one of the world's largest producers and distributors of glass products. Its parent company is Vitro SA.
In July, Vitro priced an upsized offering of $170 million seven-year notes (B2/B+) at 95.315 to yield 11¾%.
| Issuer: | Vitro Envases Norteamerica
|
| Amount: | $80 million
|
| Total amount: | $250 million
|
| Issue: | Retap of 10¾% senior secured notes due 2011
|
| Maturity: | July 23, 2011
|
| Coupon: | 10¾%
|
| Issue price: | 102¼
|
| Yield: | 10.263%
|
| Spread: | 636 basis points
|
| Call: | | July 23, 2008
|
| Pricing date: | Jan. 31
|
| Settlement date: | Feb. 7
|
| Bookrunner: | Credit Suisse First Boston
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
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