By Paul A. Harris
Portland, Ore., May 11 - Libbey Glass Inc. priced a $450 million issue of eight-year senior secured notes (B2/B+/) at par to yield 6 7/8% on Friday, according to a syndicate source.
The yield printed at the tight end of yield talk that was set in the 7% area.
The timing of the deal was moved up; it was previously announced as business for the May 14 week.
Citigroup Global Markets Inc. is the left bookrunner. Barclays Capital Inc. and J.P. Morgan Securities LLC are the joint bookrunners.
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.
| Issuer: | Libbey Glass Inc.
|
| Amount: | $450 million
|
| Maturity: | May 15, 2020
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Citigroup Global Markets Inc.
|
| Joint bookrunners: | Barclays Capital Inc., J.P. Morgan Securities LLC
|
| Coupon: | 6 7/8%
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Spread: | 503 bps
|
| Call features: | Callable on May 15, 2015 at 105.156, 103.438, 101.719, par on and after May 15, 2018
|
| Trade date: | May 11
|
| Settlement date: | May 18
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 7% area
|
| Marketing: | Roadshow
|
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