Libbey receives tenders and consents for all $306 million floaters due 2011

New York, Feb. 5 - Libbey Inc. said its wholly owned subsidiary Libbey Glass Inc. received tenders and consents from holders of 100% of its outstanding $306 million floating-rate senior secured notes due 2011 by the consent deadline of 5 p.m. ET on Feb. 5.

Libbey expects to buy the notes on Feb. 8.

The tender for any and all of the notes was announced on Jan .25..

Libbey said it was also soliciting consents to amend the notes to eliminate substantially all of the restrictive covenants and modify some events of default.

The tender offer is scheduled to expire at 11:59 p.m. ET on Feb. 22.

Holders who tendered their notes had to also deliver consents.

The total payment is $1,027.50 per $1,000 principal amount, including a $30.00 premium for notes tendered by the consent date.

Libbey also will pay accrued interest to the settlement date.

The offer required the tender of at least a majority of the outstanding notes by the consent date, the issuance of at least $400 million principal amount of senior secured notes by Libbey Glass, the repayment of Libbey Glass's $80.4 million senior subordinated secured payment-in-kind notes due 2021 and the entry by Libbey Glass into a new senior secured credit facility.

Barclays Capital Inc. (800 438-3242 or collect 212 528-7581) and BofA Merrill Lynch (888 292-0070 or collect 980 388-9217) are the dealer managers and solicitation agents. Bondholder Communications Group, LLC (888 385-2663 or collect 212 809-2663) is the information and tender agent.

The company is a Toledo, Ohio-based Libbey operates glass tableware manufacturing plants.

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