This new facility supplements the secured revolving debtor-in-possession facility provided by Wachovia Capital Finance, for itself and as agent for other lenders, in the maximum amount of $115 million, subject to availability. Members of the same ad hoc committee have expressed a willingness, subject to negotiation of documentation and completion of due diligence, to provide a $125 million term facility, part of which will be used to repay the existing pre- and post-petition credit facilities, with the balance to be used for working capital.
"This additional credit facility provides us with additional liquidity and flexibility to operate our business while we work through the reorganization of the Company," said Mark Burgess, Chief Executive Officer.
Anchor Glass Arranges $15 Million Secured Term Facility
Anchor Glass Container Corporation (Nasdaq:AGCCQ) announced today that effective August 10, 2005, the Company arranged a $15 million debtor-in-possession secured term financing facility through a group of financial institutions that are members of an ad hoc committee consisting of holders of a majority in principal amount of the Company's $350 million 11% Senior Secured Notes due 2013.