facebook
linkedin
twitter
About Us
  • BFSI
  • Energy
  • Infocom
  • Mining
  • Venture
  • Industry
  • Travel
  • Civic
  • Food, Health, Ag
  • Real Estate
  • Responsibility
  • Economy
  • Law & Justice
  • Interview
  • Analysis

Tecnoglass Triples Revolving Credit Facility To $150 Million USD, Extends Maturity To 2026

Posted On November 30, 2021
By : Loren Moss
Comment: 0
Tag: aluminum, barranquilla, bbva, cit bank, citizens bank, Credit Facility, ebitda, european banks, glass, libor, nasdaq, pnc bank, Santiago Giraldo, technoglass, tecnoglass, tgls, US Bank, Wells Fargo, wells fargo bank

Outstanding Debt Remains Unchanged; Net Debt to Adjusted EBITDA Ratio Remains at All-Time Low

Fresh off beating analyst guidance by 30%, Barranquilla based glass and aluminum manufacturer Tecnoglass, Inc. (NASDAQ: TGLS) announced last week that it has amended its senior secured revolving credit facility to increase the borrowing capacity under its committed Line of credit from $50 million to $150 million, reduce its borrowing costs by an approximate 130 basis points, and extend the initial maturity date by one year to the end of 2026.

Borrowings under the credit facility will now bear interest at a rate of LIBOR with no floor plus a spread of 1.75%, based on the company’s net leverage ratio, compared to a prior rate of LIBOR with a floor of 0.75% plus a spread of 2.50%. The company expects the amendments to provide approximately $3 million of incremental interest expense savings on an annual basis at current outstanding borrowings.

Tecnoglass CFO Santiago Giraldo (Photo: Loren Moss)

Tecnoglass CFO Santiago Giraldo (Photo: Loren Moss)

“We’re extremely proud of our outstanding track record of financial performance and cash generation. Today’s announcement further demonstrates to our customers, employees, partners and shareholders that our business momentum is very strong and our growth investments are paying off. This transaction, which was widely oversubscribed, reduces our cost of capital while significantly enhancing our liquidity and financial flexibility. Through this refinancing, we now estimate total annual savings of approximately $15 million at current levels of outstanding borrowings, since entering into our inaugural US Bank syndicated facility in October of 2020,” said Santiago Giraldo, Tecnoglass Chief Financial Officer.

The facility was led by PNC Bank N.A as Administrative Agent; with Citizens Bank N.A, BBVA USA, CIT Bank and Wells Fargo Bank N.A serving as Joint Lead Arrangers.

“This upsized revolver positions us exceptionally well to fund future growth initiatives and to further capitalize on opportunities in the quarters and years ahead. We are extremely encouraged by the overwhelming support received by the syndicate of US and European based banks that understood the strong tailwinds in our business as well as our structural competitive advantages that are allowing us to outpace the industry and gain incremental market share. The syndicate composition and the financial costs achieved in this transaction validate the success of our strategy as a ‘US centric’ company,” added Giraldo.

The deal increases the currently untapped committed facility from $50 Million to $150 Million And reduces all-in interest from 3.25% to 1.90% at current rates.

DON'T MISS OUT: The only English-language Colombia news that's strictly business, markets, & investment!
Join global executives & investors by subscribing to our FREE weekly updates
I agree to have my personal information transferred to MailChimp ( more information ) DISCLAIMER: Protección de Datos Personales Artículo 15 de la Constitución Política de Colombia, ley 1581 de 2012 y decreto 1377 de 2013.
We will never spam you or share your email address ¡Nunca Jamás!

Share the news!

  • Facebook
  • Twitter
  • Print
  • Email
  • WhatsApp
  • LinkedIn
  • Skype

Related

Share your thoughts:

comments

About the Author
Loren Moss is the founder and publisher of Finance Colombia. He has over 20 years of international business experience, including over a decade of experience in securities, insurance, and commercial real estate, at the institutional and international level.
  • google-share
Previous Story

Tecnoglass Continues To Break Records, Beating Analyst Expectations By 30% On Q3 Results

Next Story

On Strong Earnings, Tecnoglass More Than Doubles Quarterly Cash Dividend On Common Stock

Related Posts

0

Finance Colombia Video News Recap: What Will Happen In Tomorrow’s Presidential Elections?

Posted On June 18, 2022
, By Loren Moss
0

Flora Growth CEO Luis Merchan Discusses Distribution Growth, Colombia’s Move To Mandate Cannabis Coverage For Healthcare

Posted On June 12, 2022
, By Loren Moss
Tecnoglass launches on the NYSE
0

Tecnoglass Rings The NYSE Opening Bell After Beating Doubters & Generating Record Profits

Posted On June 7, 2022
, By Loren Moss




Search

RECENT

POPULAR

COMMENTS

US President Joe Biden Speaks with Colombia President-Elect Gustavo Petro

Posted On June 22, 2022

Guest Editorial: Colombia’s Establishment Wins Again, But at What Price?

Posted On June 20, 2022
Today, Colombian voters elected Gustavo Petro as the next president of Colombia, along with his running mate Francia ‘Márquez Mina as vice president

Gustavo Petro Elected Colombia’s Next President

Posted On June 19, 2022

Finance Colombia Video News Recap: What Will Happen In Tomorrow's Presidential Elections?

Posted On June 18, 2022
Viva Buenos Aires

Viva Launches New Routes Connecting Colombia & Argentina

Posted On June 16, 2022

Romanian Cybercriminal Mihai Ionut Paunescu Captured In Colombia

Posted On June 29, 2021
Photo montage courtesy EPM

EPM’s Board of Directors Resign En Masse, Creating Crisis For Mayor Daniel Quintero

Posted On August 17, 2020
Reason Foundation's Daniel Raisbeck

The Reason Foundation's Daniel Raisbeck On What Peru's Election Can Tell Us About Economic Liberty In Colombia & Latin America

Posted On June 13, 2021

Deadly Riots & Protests Against Police Brutality Break Out Across Colombia

Posted On September 10, 2020

AVIANCA IS BANKRUPT

Posted On May 10, 2020

[…] The Reason Foundation’s Daniel...

Posted On June 20, 2022

[…] The Reason Foundation’s Daniel...

Posted On June 20, 2022

[…] Finance Colombia: Colombia and...

Posted On June 19, 2022

[…] Finance Colombia: Colombia and...

Posted On June 19, 2022

[…] Colombia, CARICOM Countries...

Posted On June 15, 2022

Watch This!

Consider Advertising With Us

Click here to visit Expat Group's English site

Subscribe Free

don't forget to include "http://"
* = required field
Your Background / Function








unsubscribe from list

RECENT

POPULAR

COMMENTS

US President Joe Biden Speaks with Colombia President-Elect Gustavo Petro

Posted On June 22, 2022

Guest Editorial: Colombia’s Establishment Wins Again, But at What Price?

Posted On June 20, 2022
Today, Colombian voters elected Gustavo Petro as the next president of Colombia, along with his running mate Francia ‘Márquez Mina as vice president

Gustavo Petro Elected Colombia’s Next President

Posted On June 19, 2022

Romanian Cybercriminal Mihai Ionut Paunescu Captured In Colombia

Posted On June 29, 2021
Photo montage courtesy EPM

EPM’s Board of Directors Resign En Masse, Creating Crisis For Mayor Daniel Quintero

Posted On August 17, 2020

Deadly Riots & Protests Against Police Brutality Break Out Across Colombia

Posted On September 10, 2020

[…] The Reason Foundation’s Daniel...

Posted On June 20, 2022

[…] The Reason Foundation’s Daniel...

Posted On June 20, 2022

[…] Finance Colombia: Colombia and...

Posted On June 19, 2022

Watch This!

Contact Us (Click the image):

Pages

  • About Us
  • Colombia Events, Conferences, Festivals and Important Dates
  • Contact Us
  • main
  • Media Partnerships
  • Privacy Policy
  • Search Results
  • Whatsapp test page
Copyright 2014-2020 Finance Colombia All Rights Reserved. We may earn commissions from qualifying purchases.
Posting....
WhatsApp us
 

Loading Comments...
 

You must be logged in to post a comment.