S&P: Anchor Glass loan BB-

Standard & Poor’s said it assigned a BB- rating with 2 recovery rating on Anchor Glass Container Corp.’s proposed $465 million first-lien term loan due in 2022.

The proceeds will be used to repay the existing $315 million first-lien term loan due 2021, fund a $145 million dividend to shareholders and pay transaction-related fees and expenses.

The 2 recovery rating indicates 70% to 90% expected default recovery.

The existing $100 million asset-based lending revolving credit facility will remain in place, S&P said.

The company’s B+ corporate credit rating is unchanged.

The outlook is stable.

The ratings reflect the company’s fair business risk profile and highly leveraged financial risk profile, S&P said.

The ratings also consider Anchor’s highly leveraged financial risk profile, the agency said.

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