Tampa-based Anchor Glass Container IPO set at 7.5 million shares

Underwriters for Anchor Glass Container Corp.'s pending initial public offering set the proposed IPO at 7.5 million shares at $16 to $18 each, according to a filing Tuesday with the Securities and Exchange Commission.

It may also sell 1.125 million shares to meet demand.Anchor Glass, which is based in Tampa, Fla., makes glass containers for drink and food.It was a subsidiary of Consumers Packaging of Canada until it filed for bankruptcy last year.

The company originally registered to sell up to $143.75 million of stock in an IPO on Aug. 26, but didn't detail terms.

Anchor said in Tuesday's filing that it expects to receive net proceeds of about $118.1 million from the offering, or $136 million if the overallotment is exercised in full.

The company will use the net proceeds to redeem preferred stock held by affiliates of Cerberus Capital Management LP, plus unpaid dividends, with the rest for working capital and general corporate purposes.

Cerberus, an investment firm, bought Anchor Glass out of bankruptcy in August last year for $80 million.

Credit Suisse First Boston, Merrill Lynch and Lehman Brothers were listed as the underwriters for the offering.

Anchor Glass has applied for listing on the Nasdaq National Market under the symbol AGCC.

600450 Tampa-based Anchor Glass Container IPO set at 7.5 million shares glassonweb.com

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