Libbey to buy back some floaters and PIK notes using notes proceeds

By Jennifer Chiou

New York, Jan. 22 - Libbey Inc. announced that its wholly owned subsidiary, Libbey Glass Inc., intends to repurchase $306 million of its floating-rate senior secured notes due 2011 via a tender offer and repay its $80.4 million of senior subordinated secured payment-in-kind notes due 2021.

It plans to use the proceeds from an upcoming issue of $400 million of senior secured notes due 2015 in a private placement.

Libbey Glass said it will also use cash on hand for the offer and repayment.

Based in Toledo, Ohio, Libbey operates glass tableware manufacturing plants.

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