Borrower view: Vitro opens the window to a brighter future
Relics of a troubled past are soon going to be put behind Mexican glass company Vitro, which has just completed a total debt refinancing. Chloe Hayward speaks to CFO Alvaro Rodríguez about his company’s rocky past and shiny future.
Vitro fact box
For a company that was on the distressed debt list only three years ago, 2007 marks the end of an era. At the start of the year Mexican glass-making company Vitro issued the now second biggest high-yield corporate bond by an emerging markets borrower, raising $1 billion. The deal was the final part of a major debt refinancing initiative to improve Vitro’s debt capital structure.
"These guys are golden right now," says an enthused banker.