Libbey Glass talks $400 million five-year secured notes at 10½% area

By Paul A. Harris

St. Louis, Jan. 27 - Libbey Glass Inc. moved up timing on its $400 million offering of five-year senior secured notes (B2/B) and set price talk at the 10½% area on Wednesday, according to an informed source.

Pricing is set for Thursday afternoon. The deal had previously been expected to price on Friday morning.

Barclays Capital Inc. and Bank of America Merrill Lynch are joint bookrunners for the Rule 144A and Regulation S with registration rights offering. CJS Securities is the co-manager.

The notes are secured by a first-priority lien on fixed assets and a second-priority lien on ABL assets.

The notes come with 2.5 years of call protection.

Proceeds will be used to refinance debt.

The prospective issuer is a Toledo, Ohio-based glassware company.

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