Credit Suisse launched a USD 350 million first-lien term loan for Anchor Glass Container Corp. on 29 May 2008. The loan is said to be priced at Libor plus 450 basis points, with an original issue disc…
Credit Suisse launched a USD 350 million first-lien term loan for Anchor Glass Container Corp. on 29 May 2008. The loan is said to be priced at Libor plus 450 basis points, with an original issue discount of 98 and a 3.5% Libor floor, sources said. The credit facility also includes a USD 70 million five-year asset-backed revolving line priced at Libor plus 150 basis points, according to Fitch Ratings. Anchor will use the proceeds to pay a special dividend and refinance existing debt. The Tampa, Florida-based company, set up in 1993, has suffered financial difficulties, and in 2002 underwent a restructuring program after filing for Chapter 11. As part of the reorganization, Cerberus Capital Management invested USD 80 million of new equity capital into the company. In addition, Anchor obtained a USD 20 million term loan facility from Ableco Finance. Anchor later filed for Chapter 11 again, coming out of bankruptcy in May 2006.