Anchor Glass cuts spread on $465 million loan to Libor plus 350 bps

By Sara Rosenberg

New York, June 22 – Anchor Glass Container Corp. reduced pricing on its $465 million seven-year first-lien covenant-light term loan (B3/BB-) to Libor plus 350 basis points from Libor plus 375 bps, according to a market source.

Also, a pricing step-down was added to the term loan to Libor plus 325 bps and the original issue discount was tightened to 99.5 from 99, the source said.

The term loan still has a 1% Libor floor and 101 soft call protection for six months.

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

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

Commitments were due at 5 p.m. ET on Monday, the source added.

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

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