Libbey Prices $450 Mln Of Senior Notes

Trade LBY now with

5/11/2012 5:52 PM ET

Libbey Inc. (LBY: Quote) said Friday that its wholly owned subsidiary Libbey Glass Inc. has priced $450 million aggregate principal amount of 6.875% senior secured notes due 2020 in a private placement at par.

The sale of the notes is expected to close on May 18.

The company said it and Libbey Glass plan to use the net proceeds from the sale of the notes, together with cash on hand and borrowings under the amended and restated senior secured credit agreement, to repurchase up to $320 million of the existing Libbey Glass 10% Senior Secured Notes due 2015 in a previously announced tender offer, redeem $40 million in aggregate principal amount of the existing notes that remain outstanding after consummation of the tender offer, pay related fees and expenses and contribute $79.7 million to the company's U.S. pension plans to fully fund its target obligations under ERISA.

Click here to receive FREE breaking news email alerts for Libbey Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

<<Previous 93 Articles Next>>

Editors Pick

Fed Concerns Contribute To Lackluster Session On Wall Street - U.S. Commentary

There was a mixed performance on Wall Street on Friday. Shares suffered an early decline, as investors continued to express worries about the Federal Reserve. A recovery through the rest of the day allowed the Dow to edge into positive territory by the close. The Nasdaq and S&P 500 posted fractional losses.

Stocks Come Under Pressure Amid Worries About The Fed - U.S. Commentary

Stocks have shown a notable move to the downside in early trading on Friday amid lingering concerns about the outlook for the Federal Reserve's asset purchase program. The major averages have slid firmly into negative territory, adding to the modest losses posted in the previous session. The major averages are currently posting notable losses, near their lows for the young session.

U.S. Durable Goods Orders Rise 3.3% In April, More Than Expected

After reporting a sharp drop in new orders for manufactured durable goods in the previous month, the Commerce Department released a report on Friday showing that durable goods orders rebounded by more than anticipated in the month of April. The report said durable goods orders surged up by 3.3 percent in April after tumbling by a revised 5.9 percent in March.