Anchor Glass to launch $465 million first-lien term loan on Wednesday

By Sara Rosenberg

New York, June 9 – Anchor Glass Container Corp. is scheduled to hold a bank meeting at 10 a.m. ET in New York on Wednesday to launch a $465 million seven-year first-lien covenant-light term loan, according to a market source.

Credit Suisse Securities (USA) LLC and Barclays are the lead banks on the deal.

The term loan is talked at Libor plus 375 basis points with a 1% Libor floor and an original issue discount of 99, the source said.

Also, the term loan has 101 soft call protection for six months.

Proceeds will be used to refinance existing debt and fund a shareholder distribution.

Commitments are due at 5 p.m. ET on June 24, the source added.

Anchor Glass is a Tampa, Fla.-based manufacturer of glass packaging products.

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