Credit Suisse launched a $350M 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 & a 3.5% Libor floor, sources said. The credit facility also includes a $70M 5y 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 & refinance existing debt. The Florida-based company, set up in 1993, has suffered financial difficulties & in 2002 underwent a restructuring program after filing for Chapter 11. As part of the reorganization, Cerberus Capital Management invested $80M of new equity capital into the company. In addition, Anchor obtained a $20M term loan facility from Ableco Finance. Anchor later filed for Chapter 11 again, coming out of bankruptcy May 2006.
