KPS Capital Partners portfolio company Anchor Glass Container Corporation has completed a successful recapitalisation, raising $465 million of financing through a new term loan.
The proceeds of the recapitalisation were used to refinance outstanding debt to fund a $150 million cash distribution to stockholders and to support the company's growth.
Jim Fredlake, Chief Executive Officer of Anchor Glass, said: "In our first year under KPS’ ownership, Anchor Glass’ performance has exceeded our expectations.
"Anchor Glass is now a fully independent company focused on manufacturing excellence and providing best-in-class product quality, product innovation and the highest levels of service and support to our customers.
“This recapitalisation validates the successful transformation Anchor Glass has made under KPS' ownership, and we are pleased to return capital to our stockholders."
Financing for the recapitalisation was provided by a syndicate of banks with Credit Suisse Securities (USA) LLC and Barclays Bank acting as the Lead Arrangers and Joint Bookrunners on the term loan.
Anchor operates six manufacturing facilities in Florida, Georgia, Indiana, Minnesota, New York and Oklahoma, an engineering and spare parts facility in Illinois and a mould manufacturing facility.