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Libbey Glass to remain focused on deleveraging into 2012
By Jennifer Lanning Drey
Savannah, Ga., March 24 - Libbey Glass, Inc. will continue to focus on deleveraging its balance sheet "well into 2012," John Meier, its chief executive officer, said Thursday during a presentation at the Barclays Capital High Yield Bond and Syndicated Loan Conference in Orlando, Fla.
"We've made some great strides in improving our balance sheet, and we expect to continue to do that," Ken Boerger, Libbey's treasurer, said during the presentation.
The company has reduced its debt to $450 million at the end of 2010 from $547 million at June 30, 2009.
In addition, Libbey will redeem $40 million of its first-priority senior secured notes due Feb. 15, 2015 on March 25.
Libbey is targeting a debt to EBITDA ratio between 2.5 times and 3.0 times, Boerger said. On a net basis, Libbey had a leverage ratio of 3.2 times at year-end 2010.
"Our focus is on our balance sheet," Meier said.
Libbey is a Toledo, Ohio-based glassware company.
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