Libbey Inc. Announces Extension Of Credit Facility

12/11/2017

TOLEDO, Ohio, Dec. 11, 2017 /PRNewswire/ -- Libbey Inc. (NYSE American: LBY), (the "Company" or "Libbey") and its wholly owned subsidiaries, Libbey Glass Inc. ("Libbey Glass") and Libbey Europe B.V. ("Libbey Europe"), today announced that it has entered into an amendment to extend the terms of its existing asset-based loan (ABL) credit facility.

The amendment extends the maturity of the $100 million ABL credit facility from April 9, 2019, to December 7, 2022. However, the amendment provides that the facility will mature on January 9, 2021, if certain conditions related to any refinancing or extension of the maturity of the Company's Term Loan B facility are not completed by that date.

In addition to the extension of the term of the ABL credit facility, the Company obtained additional flexibility to include an increased amount of inventory in its borrowing base, as well as additional flexibility for divestitures of assets. 

"We are pleased with the support we have received from our lenders and value their continued confidence in our business," stated James Burmeister, chief financial officer of Libbey. "This amendment aligns more closely with the Company's liquidity needs and enhances our flexibility to execute against our strategy and drive profitable growth."

About Libbey Inc.

Based in Toledo, Ohio, Libbey Inc. is one of the largest glass tableware manufacturers in the world. Libbey Inc. operates manufacturing plants in the U.S., Mexico, China, Portugal and the Netherlands. In existence since 1818, the Company supplies tabletop products to retail, foodservice and business-to-business customers in over 100 countries. Libbey's global brand portfolio, in addition to its namesake brand, includes Libbey Signature®, Master's Reserve®, Crisa®, Royal Leerdam®, World® Tableware, Syracuse® China, and Crisal Glass®. In 2016, Libbey Inc.'s net sales totaled $793.4 million. Additional information is available at www.libbey.com.

Caution on Forward-Looking Statements

This press release includes forward-looking statements as defined in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements reflect only the Company's best assessment at this time and are indicated by words or phrases such as "goal," "expects," " believes," "will," "estimates," "anticipates," or similar phrases. Investors are cautioned that forward-looking statements involve risks and uncertainty and that actual results may differ materially from these statements. Investors should not place undue reliance on such statements. These forward-looking statements may be affected by the risks and uncertainties in the Company's business. This information is qualified in its entirety by cautionary statements and risk factor disclosures contained in the Company's Securities and Exchange Commission filings, including the Company's report on Form 10-K filed with the Commission on March 3, 2017. Important factors potentially affecting performance include but are not limited to risks related to increased competition from foreign suppliers endeavoring to sell glass tableware, ceramic dinnerware and metalware in our core markets; global economic conditions and the related impact on consumer spending levels; changes in trends in the restaurant and bar industry and the retail channel of distribution that impact demand for our products; major slowdowns in the retail, travel or entertainment industries in the United States, Canada, Mexico, Western Europe and Asia, caused by terrorist attacks or otherwise; significant increases in per-unit costs for natural gas, electricity, freight, corrugated packaging, and other purchased materials; our ability to borrow under our ABL credit agreement; high levels of indebtedness; high interest rates that increase the Company's borrowing costs or volatility in the financial markets that could constrain liquidity and credit availability; protracted work stoppages related to collective bargaining agreements; increases in expense associated with higher medical costs, increased pension expense associated with lower returns on pension investments and increased pension obligations; devaluations and other major currency fluctuations relative to the U.S. dollar and the euro that could reduce the cost competitiveness of the Company's products compared to foreign competition; the effect of exchange rate changes to the value of the euro, the Mexican peso, the RMB and the Canadian dollar and the earnings and cash flows of our international operations, expressed under U.S. GAAP; the effect of high levels of inflation in countries in which we operate or sell our products; and the inability to achieve savings and profit improvements at targeted levels in the Company's operations or within the intended time periods. Any forward-looking statements speak only as of the date of this press release, and the Company assumes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date of this press release.

 

Cision View original content:http://www.prnewswire.com/news-releases/libbey-inc-announces-extension-of-credit-facility-300569469.html

SOURCE Libbey Inc.

CORPORATE CONTACTS: Joe Huhn, Vice President, Investor Relations, (419) 325-2205, jhuhn@libbey.com; Jamie Burt, Media, (419) 325-2672, jburt@libbey.com; INVESTOR INQUIRIES: Chris Hodges or Sam Gibbons, Alpha IR Group, (312) 445-2870, LBY@alpha-ir.com

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