logo
Share SHARE
FONT-SIZE Plus   Neg

Libbey Prices $450 Mln Of Senior Notes

Libbey Inc. (LBY) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Shares of Tractor Supply Co. (TSCO) slipped over 7 percent in the extended hours after the company issued a weak second-quarter guidance and lowered its annual outlook, due to weak sales of its seasonal products. For the second quarter, the company now expects earnings of $1.15 to $1.16 per share... Hard-disk driver maker Seagate Technology plc (STX) late Wednesday said it was cutting 1,600 jobs or about 3% of its global workforce to curb expenses. The company expects to save about $100 million a year, having a favorable impact on cost of revenue and operating expenses by about $48 million and... PepsiCo Inc. (PEP) is bringing back Crystal Pepsi, the colorless soda launched in 1992, a move that the food and beverages giant expects will boost its slowing sales. The 1990s-era clear soda will go on sale in 20-ounce bottles for a limited time at major retailers starting July 7 in Canada and August...
comments powered by Disqus
Follow RTT