By Paul A. Harris
St. Louis, Jan. 31 - Anchor Glass Container priced $300 million of senior secured notes due Feb. 15, 2013 (B2/B+) at par Friday to yield 11%, according to a syndicate source.
Price talk was 10½%-10¾%.
Deutsche Bank Securities Inc., Credit Suisse First Boston and Banc of America Securities were joint bookrunners.
Proceeds from the Rule 144A deal will be used to refinance debt.
The issuer is a Tampa, Fla.-based glass container company.
Issuer: | Anchor Glass Container
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Amount: | $300 million
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Maturity: | Feb. 15, 2013
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Security description: | Senior secured notes
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Bookrunners: | Deutsche Bank Securities, Credit Suisse First Boston, Banc of America Securities (joint)
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Coupon: | 11%
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Price: | Par
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Yield: | 11%
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Spread: | 703 basis points
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Call features: | Non-callable for five years
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Equity clawback: | Until 2006 for 35% at 111.0
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Settlement date: | Feb. 7, 2003
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Ratings: | Moody's: B2
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| Standard & Poor's: B+
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Price talk: | 10½%-10¾%
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