Libbey Glass starts roadshow for $450 million eight-year notes

By Paul A. Harris

Portland, Ore., May 9 - Libbey Glass Inc. began a roadshow and held an investor conference call on Wednesday for a $450 million offering of eight-year senior secured notes (existing ratings B2/B+), according to a syndicate source.

The roadshow wraps up on Monday, and the deal is set to price thereafter.

Citigroup Global Markets Inc. is the left bookrunner. Barclays Capital Inc. and J.P. Morgan Securities LLC are the joint bookrunners.

The Rule 144A and Regulation S with registration rights notes come with three years of call protection. However a special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

The Toledo, Ohio-based glassware manufacturer plans to use the proceeds to make a pension plan contribution, to fund the tender offer for its existing notes and to call $40 million of those notes that remain outstanding following the close of the tender at 103.

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