Anchor Glass amendments and extensions for $743 million term loan facilities
We advised an ad hoc group of Anchor Glass term lenders in connection with the transaction
Davis Polk advised an ad hoc group of first-lien and second-lien term lenders in connection with amendments and maturity extensions in respect of Anchor Glass’s first-lien term loan facility and second-lien term loan facility. The transaction also included, among other things, a $50 million equity investment by Anchor Glass’s sponsor and a maturity extension of Anchor Glass’s asset-based revolving credit facility.
The transaction was supported by holders of over 99% of its first-lien term loans and over 95% of its second-lien term loans, 100% of its asset-based revolving credit facility lenders and its equity sponsor.
Anchor Glass is a leading North American manufacturer of premium glass packaging products. Anchor Glass has long-standing relationships with blue chip companies across the beer, liquor, food, beverage, ready-to-drink and consumer end-markets. The company employs approximately 1,700 people and operates six glass manufacturing facilities located in Florida, Georgia, Indiana, Minnesota, New York and Oklahoma.
The Davis Polk restructuring and finance teams included partner Damian S. Schaible, counsel Jon Finelli, Aryeh Ethan Falk and Bernard Tsepelman and associates Michael Pera, Mary Kudolo, Chinelo Krystal Okonkwo and Alec Gregory Schwartz. Partner Lucy W. Farr provided tax advice. Counsel Susan D. Kennedy advised on real estate matters. Members of the Davis Polk team are based in the New York and Washington DC offices.