Correction: Tecnoglass enters into new $109.5 million seven-year loan

A story that appeared in the Jan. 12 edition of the Prospect News Bank Loan Daily incorrectly stated the company description of Tecnoglass, Inc. Tecnoglass is a Barranquilla, Colombia-based architectural glass transformation company that provides glass, windows and aluminum products for the global residential and commercial construction industries.

A corrected version of the story follows:

Norfolk, Va., Jan. 11 – Tecnoglass, Inc. entered into a new $109.5 million seven-year senior secured credit facility on Thursday, according to a press release.

The new facility features two tranches, including one tranche denominated in dollars, representing 71% of the facility, and another tranche denominated in Colombian pesos, representing the remaining 29%.

Borrowings will bear interest at a weighted-average interest rate of roughly 7% for the first year, and thereafter at a rate of Libor plus 525 basis points for the dollar-denominated tranche and DTF (Colombian index) plus 500 bps for the peso-denominated tranche.

Proceeds were used to refinance $83.5 million of existing debt, with the remaining $26 million available to the company for capital expenditures and working capital needs.

At closing, the company had roughly $115.8 million of debt outstanding, including $83.5 million of borrowings on the new facility.

Tecnoglass is a Barranquilla, Colombia-based architectural glass transformation company that provides glass, windows and aluminum products for the global residential and commercial construction industries.

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