Moody's rates Libbey Glass loan B1

Moody's Investors Services said it assigned a B1 rating to Libbey Glass Inc.'s proposed $440 million senior secured term loan due 2021.

The agency also affirmed Libbey's B1 corporate family rating, B1-PD probability of default rating and SGL-2 speculative-grade liquidity rating.

The outlook remains stable.

Proceeds from the proposed term loan and $11 million revolver borrowings will be used to refinance Libbey's existing $405 million senior secured notes and pay for transaction expenses. Concurrently, the company plans to amend its revolver, including a maturity extension to 2019.

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