Exiting rates were affirmed.
Moody’s Investors Service (Moody’s) assigned a B3 rating to the proposed $465 million first lien Senior Secured Term Loan due June 2022 of Anchor Glass Container Corporation. The company’s B2 Corporate Family and B3-PD Probability of Default rating were affirmed. The ratings outlook is stable.
The proceeds of the new $465 million first lien Senior Secured Term Loan due June 2022, along with $5 million of cash from the balance sheet, will be used to refinance the $335 million ($315mm outstanding) first lien Senior Secured Term Loan due May 2021, pay a $145 million shareholder dividend, and pay $10 million in related fees and expenses. The sponsor originally invested $138.5 million in the company in May 2014. Terms and conditions are expected to be identical to the existing first lien Senior Secured Term Loan due May 2021.
Moody’s took the following actions:
Anchor Glass Container Corporation:
– Affirmed Corporate family rating, B2
– Affirmed Probability of default rating, B3-PD
– Affirmed $335 million 1st Lien Senior Secured Term Loan due May 2021, B3/LGD3 (to be withdrawn at close of transaction)
– Assigned $465 million 1st Lien Senior Secured Term Loan due June 2022, B3/LGD3
The ratings outlook is stable.