Anchor Glass Container Corporation announced that it has received final Bankruptcy Court approval for the issuance of $125 million of debtor-in-possession ("DIP") Senior Secured Term Notes provided by certain holders of its pre-petition Senior Secured Notes and agented by Wells Fargo Bank.
The proceeds from these notes will be used to repay the existing pre- and post-petition credit facilities, with the balance to be used for working capital.
"This financing gives us the ability to fund our business plan, which includes making the capital improvements required to continue providing our customers with top quality and innovative products," said Mark Burgess, Anchor Glass' chief executive officer. "We are pleased with this financing as it reinforces our pre-petition Senior Secured Noteholders' commitment to Anchor Glass' employees, suppliers and customers."