KPS Capital Partners LP appears to be getting its money back on its Anchor Glass Container Corp investment in less than a year.
Anchor Glass is prepping a $465 million loan that will back a dividend recap,Thomson Reuters Loan Pricing Corp (LPC) is reporting. Credit Suisse is leading the deal, LPC said.
Tampa, Florida-based Anchor is using the proceeds to cut debt, pay fees and expenses, as well as fund a roughly $145 million dividend to shareholders, Standard & Poor’s Ratings Services said.
The distribution comes less than a year after KPS acquired Anchor Glass, which makes glass packaging products used by the liquor, beverage and food sectors.
KPS, which is a special situations investor, closed its fourth fund at $3.5 billion in 2013. That fund generated a -5.58 percent average IRR and a 0.95x average multiple as of Dec. 31, according to data provider Bison. KPS’s third fund, which collected $2 billion in 2009, produced a 24.1 percent net IRR and a 2.2 investment multiple as of Sept. 30, according to the California Public Employees’ Retirement System.
Executives for KPS declined comment. Anchor Glass couldn’t be reached for comment.
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