AFG Raises $115 Million in Debenture Offering

AFG Industries Inc., the Irvine-based glassmaker, raised $115 million in an offering of convertible debentures. Some proceeds from the offer may be used to acquire related companies to increase AFG’s rapidly growing presence in the industry, company officials said.

Proceeds from the 20-year debt offering also will be used for general corporate purposes, the company said. Drexel Burnham Lambert Inc. is the sole underwriter of the debt, which offers 6 1/2% interest.

AFG is considered by analysts to be the nation’s fastest-growing glassmaker and one of the four largest U.S. glass producers, with an estimated 18% of the market.