Credit Suisse First Boston in $80 Million Secured High Yield Offering by Leading Mexican Glass Manufacturer

February 7, 2005

Cleary Gottlieb represented Credit Suisse First Boston LLC as initial purchaser in Vitro Envases Norteamérica’s Reg. S / Rule 144A offering of $80 million 10.75% senior secured guaranteed notes due 2011.  Proceeds of the offering were used to repay amounts outstanding under a loan with CSFB.

These notes are a reopening of Vena’s $170 million notes issued in July 2004, in which Cleary was also counsel to the initial purchaser.  Because of the collateral structure used in the prior offering, Vena had the flexibility to secure an additional $80 million of new notes using the same collateral.

Vena is the largest manufacturer of glass containers in Mexico and Central America, and the fourth largest in the world, with more than $900 million in 2003 sales.