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Tecnoglass says the $35 million USD acquisition will diversify its distribution network and strengthen its position in the United States.

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

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

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.

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.

Tecnoglass submitted its 2015 annual report, 2016 first quarter earnings report, and amended statements for all reports dating back to 2013.

BARRANQUILLA, Colombia–(BUSINESS WIRE)– Tecnoglass, Inc. (NASDAQ:TGLS BVC:TGLSC) the Colombian manufacturer of architectural glass, windows, and associated aluminum products for the global residential and commercial construction industries, yesterday announced...

Barranquilla based Tecnoglass, Inc. (NASDAQ:TGLS, BVC:TGLSC), the manufacturer of architectural glass, windows, and associated aluminum products for the global commercial and residential construction industries headed by brothers Jose Daes & Christian Daes, announced today...