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Tecnoglass plans to repay around $185 million in obligations and fund working capital needs with the funds.

This the fourth auction in what Ecopetrol is calling the second stage of its divestment plan of its ISA holdings.

The Miami company is the largest importer and reseller of Tecnoglass products in the United States.

Colombia's financial industry regulator has authorized the public offering of shares with preferential dividends by Grupo Argos S.A.

The public offering will take place before the start of common stock trading in the Colombian Stock Exchange on December 6.

Fitch Ratings assigned the company an issuer default ratings of BB-. Moody's handed out its equivalent at Ba3 for the firm's corporate family rating.

The Barranquilla-based glass manufacturer is coming off a warrant exchange offer and the start of its quarterly dividend payment.

"We expect a substantial reduction of the warrant liability and an increase in shareholders' equity," said Tecnoglass CEO José M. Daes. in Colombia.

The public share offering will be held on this week on September 14 prior to the start of common stock trading in the Colombian stock exchange.

Warrant holders can exchange 2.5 outstanding warrants for one Tecnoglass ordinary share while the dividend will begin paying $0.125 per share in September.