Anchor Glass Container Corporation, a leading North American manufacturer of premium specialty glass packaging, announced that it has reached an agreement with 100 percent of its first- and second-lien term loan holders and its current sponsor on a comprehensive recapitalisation. The transaction will materially strengthen the Company’s capital structure and position the business for long-term growth.
The agreement, which will result in a fortified balance sheet for Anchor Glass, provides for:
- A reduction by more than 60 percent of the Company’s total outstanding indebtedness; and
- USD 100 million of new capital to support continued investment and growth.
“This transaction transforms our balance sheet and establishes a resilient, well-capitalised platform fuelled for strategic growth,” said Nipesh H. Shah, President and Chief Executive Officer of Anchor Glass. “With enhanced financial flexibility, we will be poised to further advance our capabilities as ‘One Anchor’ to better serve our portfolio of highly valued customers with excellence. Guided by our three strategic pillars—advancing safety, delivering a flawless customer experience and reducing industrial cost for our partners—we will accelerate the progress achieved in recent years and unlock new opportunities.”
Upon closing, the first- and second-lien lenders will become the majority owners of the Company, reflecting their full support of Anchor Glass’ leadership, vision and strategy. The Company’s revolving credit facility will also be refinanced as part of the transaction.