Anchor Glass Arranges $15 Million Secured Term Facility
August 17 2005 - 5:00AM
Business Wire
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.
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. About Anchor
Anchor Glass Container Corporation is the third largest
manufacturer of glass containers in the United States. It has eight
strategically located facilities where it produces a diverse line
of flint (clear), amber, green and other colored glass containers
for the beer, beverage, food, liquor and flavored alcoholic
beverage markets. Forward-Looking Statements This press release
includes forward-looking statements. Forward-looking statements
include, without limitation, any statement that may predict,
forecast, indicate or imply future results, performance or
achievements. Forward-looking statements involve risks and
uncertainties faced by the Company including, but not limited to,
economic, competitive, governmental and technological factors
outside the control of the Company that may cause actual results to
differ materially from the forward-looking statements. These risks
and uncertainties may include the outcome of the Chapter 11
proceedings, the highly competitive nature of the glass container
industry and the intense competition from makers of alternative
forms of packaging; fluctuations in the prices for energy,
particularly natural gas, and other raw materials; the Company's
focus on the beer industry and its dependence on certain key
customers; the seasonal nature of brewing and other beverage
industries; volatility in demand from emerging new markets; the
Company's dependence on certain executive officers; changes in
environmental and other government regulations; and actions that
may be taken by creditors and vendors. The Company operates in a
changing environment in which new risk factors can emerge from time
to time. It is not possible for management to predict all of these
risks, nor can it assess the extent to which any factor, or a
combination of factors, may cause actual results to differ
materially from those contained in forward-looking statements. All
forward-looking statements are subject to risks and uncertainties,
including without limitation those identified in the Company's
annual report on Form 10-K, which could cause actual results to
differ from those projected. The Company disclaims any obligation
to update any forward-looking statements.
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