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Libbey Inc. Announces Partial Redemption Of Senior Notes

TOLEDO, Ohio, March 22, 2013 /PRNewswire/ -- Libbey Inc. (NYSE MKT: LBY) today announced that its wholly owned subsidiary Libbey Glass Inc. is calling for redemption on May 7, 2013 (the "Redemption Date'), an aggregate principal amount of $45.0 million of its outstanding 6.875 percent Senior Secured Notes Due 2020 (the "Notes"), in accordance with the terms of the indenture governing the Notes dated May 15, 2012 (the "Indenture").  Pursuant to the terms of the Indenture, the redemption price for the Notes will be 103.0 percent of the principal amount of the redeemed Notes, plus accrued and unpaid interest to, but excluding the Redemption Date. The Notes to be redeemed will be selected in accordance with the applicable procedures of the Depository Trust Company (DTC), the registered holder of the Notes, for partial redemptions.  Following completion of the redemption, the aggregate principal amount of the Notes that will remain outstanding will be $405.0 million.

A formal notice of redemption has been sent separately to the registered holders of the Notes, in accordance with the terms of the Indenture.  The Company plans to fund this redemption using cash on its balance sheet and borrowings under its ABL credit agreement.

Stephanie A. Streeter, Libbey's chief executive officer, said, "We are pleased that, as a result of our outstanding free cash flow generation in the fourth quarter of 2012, we are confirming that we expect to reduce our outstanding senior note debt by $45 million.  This represents significant progress in our ongoing efforts to reduce our leverage."

This press release is for informational purposes only and does not constitute a notice of redemption with respect to or an offer to purchase or sell (or a solicitation of an offer to purchase or sell) any securities.

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