September 24, 2016 / 3:27 AM / 2 years ago

Mexico's Vitro secures $500mln loan for PPG unit purchase

MEXICO CITY, Sept 23 (Reuters) - Mexican glassmaker Vitro said on Friday it had obtained a 7-year loan worth $500 million to cover part of its planned acquisition of the flat glass unit of U.S. company PPG.

Vitro announced in July it had agreed to buy the PPG unit for around $750 million.

In a statement on Friday, the company said it had contracted the loan with Inbursa, the bank controlled by billionaire telecoms tycoon Carlos Slim, and would finance the remainder of the acquisition from its own funds.

Reporting by Jean Luis Arce; Editing by Michael Perry

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