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Libbey begins tender offer, consent bid for $405 million 6 7/8% notes
By Susanna Moon
Chicago, March 12 - Libbey Inc. said wholly owned subsidiary Libbey Glass Inc. began a cash tender offer for up to $360 million of its $405 million outstanding principal amount of 6 7/8% senior secured notes due 2020.
Libbey Glass also is soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants, modify events of default and release all of the collateral securing the obligations under the notes, according to a company press release.
The total purchase price will be $1,100 for each $1,000 principal amount of notes tendered by 5 p.m. ET on March 25, the consent date.
The total payment includes an early tender premium of $30 per $1,000 principal amount.
Those who tender after the consent date will receive $1,070 per $1,000 of notes.
The company also will pay accrued interest to but excluding the settlement date of April 9.
The tender offer is set to end at 11:59 p.m. ET on April 8.
Tendered notes may be withdrawn by the consent date.
After completion of the offer, the company plans to redeem $45 million principal amount of the notes that remain outstanding at a redemption price of 103% of par plus any accrued interest.
The company said it plans to call the notes on the settlement date.
The offer is conditioned on the completion of a new debt financing and the receipt of the required consents.
Citigroup Global Markets Inc. (800 558-3745 and 212 723-6106 collect) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (866 470-4300 or 212 430-3774 banks and brokers) is the information and tender agent.
Libbey is a Toledo, Ohio-based glassware manufacturer.
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