Colombian Tecnoglass Announces New $300 Mn Credit Facility

Tecnoglass, manufacturer of architectural glass, windows, and associated aluminum products for the global commercial and residential construction industries, entered into a new $300 million Senior Secured Credit Facility , consisting of a $250 million delayed draw term loan and a $50 million committed revolving credit facility, with a maturity date in 2025. Under the terms of the agreement, the facility will have an initial interest rate spread of 3.00%, which the Company expects to decrease to a spread of 2.75% in April 2021. The Company plans to use the proceeds to repay all outstanding borrowings under its previous credit facilities, as well as for ongoing working capital needs and general corporate purposes.

Source: Globenewswire