Libbey Glass to redeem $45 million 6 7/8% notes due 2020 on May 7

By Toni Weeks

San Luis Obispo, Calif., March 22 - Libbey Inc. wholly owned subsidiary Libbey Glass Inc. set the redemption date for $45 million of its 6 7/8% senior secured notes due 2020. The redemption will occur May 7, according to a press release.

The notes will be redeemed at 103 plus accrued interest.

Following the transaction, $405 million of the notes will remain outstanding.

"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," chief executive officer Stephanie A. Streeter said in the release. "This represents significant progress in our ongoing efforts to reduce our leverage."

The company will finance the redemption using cash on its balance sheet and borrowings under its ABL credit agreement.

Libbey is a Toledo, Ohio-based glassware manufacturer.

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