Tecnoglass Inc (NASDAQ:TGLS) reported a proposed eight-million share follow offering.
The Colombian-based company is a leading manufacturer of architectural glass, windows, and associated aluminum products for the global commercial and residential construction industries.
In addition to the massive share offering, Tecnoglass has granted the underwriters a 30-day option to purchase up to an additional 1,200,000 ordinary shares at the public offering price, less the underwriting discount. All of the ordinary shares to be sold in the proposed offering are to be offered by Tecnoglass.
Tecnoglass intends to use the net proceeds of this offering for investments in growth capital expenditures (including to purchase new equipment), its Saint-Gobain joint venture and for working capital and other general corporate purposes.
Headquartered in Barranquilla, Colombia, the Company operates out of a 2.7-million-square foot vertically-integrated, state-of-the-art manufacturing complex that provides easy access to North, Central and South America, the Caribbean, and the Pacific. Tecnoglass supplies over 1,000 customers in North, Central and South America, with the United States accounting for 80% of revenues.
Among its higher-prestige clients: the El Dorado Airport (Bogota), 50 United Nations Plaza (New York), Trump Plaza (Panama), Icon Bay (Miami), and Salesforce Tower (San Francisco).
Last week, TGLS announced fourth-quarter total revenues increased 16% to $97.9 million on strong U.S. activity. Its net loss was $4.4 million, or ($0.12) per diluted share.
Shares in the company fell 76 cents, or 8.5% at the outset, to $8.14.
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