This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Libbey Receives Requisite Consents In Tender Offer And Consent Solicitation For Its 10% Senior Secured Notes Due 2015 (CUSIP No. 52989LAE9)

TOLEDO, Ohio, May 10, 2012 /PRNewswire/ --  Libbey Inc. (NYSE Amex: LBY) ("Libbey" or "Company") announced today that its wholly-owned subsidiary Libbey Glass Inc. (" Libbey Glass"), in connection with its previously announced cash tender offer (the "Tender Offer") to purchase up to $320.0 million (the "Tender Cap") of its outstanding $360.0 million aggregate principal amount of 10% Senior Secured Notes due 2015 (the "Notes") and consent solicitation (the "Consent Solicitation" and, together with the Tender Offer, the "Offer"), had received, as of 5:00 p.m. New York City time, on May 10, 2012, tenders and consents from holders of $269.1 million in aggregate principal amount, representing 74.8% of the total outstanding principal amount of the Notes. 

Tendered Notes could have been withdrawn at any time on or prior to 5:00 p.m., New York City time, on the date the requisite consents were received (the "Withdrawal Date").  Because the Withdrawal Date has passed, Notes tendered and consents given may not be validly withdrawn or revoked, other than as required by applicable law.  The last day and time for holders to tender Notes and deliver consents and receive the total consideration pursuant to the Offer is expected to be 5:00 p.m., New York City time, on May 11, 2012. The early settlement date is expected to be May 18, 2012.  The tender offer is scheduled to expire at 11:59 p.m., New York City time, on May 25, 2012, unless extended by Libbey Glass

As a result of obtaining the requisite consents, Libbey Glass executed and delivered a supplemental indenture to the indenture governing the Notes (the "Indenture") containing the proposed amendments to the Indenture, including a release of collateral. The supplemental indenture provides that the amendments to the Indenture will only become operative when validly tendered Notes are purchased, subject to proration and the Tender Cap, on the early settlement date pursuant to the Tender Offer.

Libbey Glass's obligation to accept for purchase and pay the consideration for validly tendered Notes is subject to and conditioned upon: (i) the successful consummation of a previously announced new debt financing on terms and conditions satisfactory to Libbey Glass, (ii) amendments to the existing amended and restated credit agreement, dated February 8, 2010 and (iii) other customary conditions as set forth in the Offer to Purchase and Consent Solicitation Statement.  Libbey Glass reserves the right to waive any and all conditions to the Offer. 

The principal purpose of the Offer is to acquire Notes up to the Tender Cap and to eliminate substantially all of the restrictive covenants, modify certain of the events of default and other provisions in the Indenture and release all of the collateral securing the obligations under the Notes.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,596.35 -350.33 -1.95%
S&P 500 2,057.64 -43.85 -2.09%
NASDAQ 4,958.4680 -122.0370 -2.40%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs