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Anchor Glass to launch $435 million credit facility on Thursday
By Sara Rosenberg
New York, April 28 - Anchor Glass Container Corp. set a bank meeting for 10:30 a.m. ET in New York on Thursday to launch its $435 million credit facility, according to a market source.
UBS Securities LLC and RBC Capital Markets are the bookrunners on the deal.
As previously reported, the facility includes a $100 million five-year ABL revolver and a $335 million seven-year first-lien term loan.
The term loan has a 1% Libor floor and amortization of 1% per annum.
Proceeds will be used to help fund KPS Capital Partners LP's buyout of the company from Ardagh Holdings USA Inc.
Closing is expected in the second or third quarter, subject to customary conditions and regulatory approvals.
Anchor Glass is a Tampa, Fla.-based manufacturer of glass packaging products for the beer, liquor, food, beverage and ready-to-drink end markets.
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