Libbey seeks $110 million senior secured asset-based revolver

By Sara Rosenberg

New York, Jan. 22 - Libbey Inc. is in market with a $110 million senior secured asset-based revolving credit facility, according to a market source.

JPMorgan and Bank of America are the joint lead arrangers and bookrunners on the deal that launched with a bank meeting during the week of Jan. 11, and Barclays is a bookrunner as well.

Closing on the revolver is a condition to the company's proposed $400 million senior secured notes offering.

Proceeds from the notes, along with cash on hand, will be used to repurchase the company's existing $306 million of floating-rate senior secured notes due 2011 and to repay its $80.4 million of senior subordinated secured PIK notes due 2021.

Libbey is a Toledo, Ohio-based operator of glass tableware manufacturing plants.

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