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May 18, 2012 /PRNewswire/ --
Libbey Inc. (NYSE MKT: LBY) ("Libbey" or "Company") announced today that its wholly owned subsidiary Libbey Glass Inc. ("
Libbey Glass") has accepted for purchase
$316,332,000 in aggregate principal amount of
Libbey Glass' 10% Senior Secured Notes due 2015 (the "Notes"), representing approximately 89% of the Notes validly tendered and not validly withdrawn on or prior to
New York City time, on
Friday, May 11, 2012 (the "Consent Date") pursuant to its previously announced tender offer and consent solicitation. Payment for the Notes accepted for purchase occurred on
Friday, May 18, 2012, and the Notes purchased were subsequently cancelled. The aggregate consideration paid by
Libbey Glass for the Notes accepted for purchase, including early tender premiums and accrued and unpaid interest, was
$346,647,149.90, which was funded with a portion of the net proceeds from a previously announced private offering of debt securities by
Libbey Glass. The tender offer is scheduled to expire at
New York City time, on
May 25, 2012, unless extended by
As a result of
Libbey Glass' acceptance for purchase of
$316,332,000 in aggregate principal amount of the Notes outstanding, certain amendments to the indenture governing the Notes (the "Indenture") set forth in a supplemental indenture that became effective on
May 10, 2012, have become operative. Accordingly, substantially all of the restrictive covenants in the Indenture have been eliminated, certain events of default and other provisions of the Indenture have been modified and all of the collateral securing the obligations under the Notes have been released.
Libbey Glass has engaged Citigroup Global Markets Inc. and Barclays Capital Inc. to act as Dealer Managers and Solicitation Agents for the Offer and Global Bondholder Services Corporation to act as Information and Tender Agent for the Offer. Questions regarding the terms of the Tender Offer and Consent Solicitation may be directed to Citigroup Global Markets Inc. at (800) 558-3745 and (212) 723-6106 (collect) or Barclays Capital Inc. at (800) 438-3242 (toll free) or (212) 528-7581 (collect). Questions regarding procedures for tendering Notes or requests for documentation may be directed to Global Bondholder Services Corporation at (866) 952-2200 (toll free) or (212) 430-3774 (banks and brokers).
This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders or consents with respect to, any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. The tender offer is being made solely pursuant to the Statement and related documents.