STAMFORD, Conn., May 19, 2022 (GLOBE NEWSWIRE) -- Finacity Corporation (“Finacity”) announced that it has successfully launched an IFRS off-balance sheet trade receivables securitization for Vitro, S.A.B. de C.V. (“Vitro”) (BMV:VITROA). The transaction allows for up to $100 million in funding of the senior tranche from a U.S. based bank, as well as an initial $1.2 million investment from Finacity Asset Management in the intermediate subordinated note to achieve off-balance sheet treatment. The transaction includes the trade receivables originated by certain subsidiaries of Vitro in the United States of America, Mexico and Canada. The transaction’s trade receivables are in 3 currencies: USD, MXN and CAD. Finacity acted as the structuring agent providing structuring and execution support and is responsible for ongoing program administration and reporting.
About Vitro
Vitro manufactures, processes, distributes, and sells a range of glass products worldwide. It operates in three segments, Flat Glass, Glass Containers and Chemicals. The Flat Glass segment provides flat glass products for the construction and automotive industries in the original and replacement equipment markets. The Glass Containers segment offers glass containers to the cosmetic, fragrance, toiletry, pharmaceutical, and liquor markets, as well as provides engineering, equipment, and automation services for various sectors. The Chemicals segment provides inorganic chemical products for the glass, foundry, food, detergent, pharmaceutical, oil and gas, and de-icing industries, among others. Vitro was founded in 1909 and is headquartered in San Pedro Garza García, Mexico. For further information, please visit www.vitro.com.
About Finacity, a White Oak Company
Finacity, a White Oak Company, specializes in the structuring and provision of efficient capital markets receivables funding programs, supplier and payables finance, back-up servicing, and bond administration. Finacity currently facilitates the financing and administration of an annual receivables volume of approximately US $150 billion. With resources in the USA, Europe, Latin America, and Asia, Finacity conducts business throughout the world with obligors in 175 countries. Finacity is affiliated with White Oak Global Advisors, LLC, a leading alternative debt manager specializing in originating and providing financing solutions to facilitate the growth, refinancing, and recapitalization of small and medium enterprises. For further information, please visit www.finacity.com.
For more information on this transaction, please contact:
FINACITY CORPORATION
Antonio Villa
Tel: +1-(203) 428-3510
Email: avilla@wofinacity.com
