Contact Information: For more information please contact: Adrian Katz CEO Finacity Corporation 203-428-3540
Finacity Facilitates Extension and Increase of Trade Receivables Securitization With Vitro America
| Source: Finacity
NEW YORK, NY -- (MARKET WIRE) -- May 8, 2007 --Finacity Corporation announced that it
successfully facilitated the upsize and extension of a trade receivables
securitization transaction for Vitro America, Vitro's US-based subsidiary,
on April 16, 2007. The funding program was rolled over for a fourth year
and increased from $40 million to $50 million in funding availability. The
program is funded by an asset-backed commercial paper conduit sponsored by
a leading European bank.
Vitro, S.A.B. de C.V. (www.vitro.com)
Vitro, S.A.B. de C.V. (NYSE : VTO ) (BMV : VITROA ), through its subsidiary
companies, is one of the world's leading glass producers. Vitro is a major
participant in two principal businesses: flat glass and glass containers.
Its subsidiaries serve multiple product markets, including construction and
automotive glass; food and beverage, wine, liquor, cosmetic and
pharmaceuticals glass containers. Vitro also produces raw materials and
capital goods for industrial use, which are vertically integrated in the
Glass Containers business unit. Founded in 1909 in Monterrey, Mexico-based
Vitro has joint ventures with major world-class partners and industry
leaders that provide its subsidiaries with access to key international
markets, distribution channels and state-of-the-art technology. Vitro's
subsidiaries have facilities and distribution centers in eight countries,
located in North, Central and South America, and Europe, and export to more
than 45 countries worldwide. For further information, please visit our
website at: http://www.vitro.com
Finacity Corporation (www.finacity.com)
Finacity is a specialty finance company founded through the collective
efforts and investment capital from strategic partners Bank of America,
Euler Hermes, Amroc Investments/Avenue Capital, ABN AMRO and investors
Texas Pacific Group, Kleiner Perkins Caufield & Byers and Bain & Co. With
its partners, Finacity has developed a world-class, financial services
platform specifically designed to make receivables securitization less
complex, operationally efficient, more cost-effective and global.
Finacity's focus is to provide corporations with scalable, revolving
funding facilities created through the purchase and securitization of a
company's accounts receivable. Finacity acted as the structuring agent and
ongoing information reporting agent in this transaction.