Libbey Glass Inc., a wholly owned subsidiary of Libbey Inc., has accepted for purchase USD 316,332,000 in aggregate principal amount of Libbey Glass’ 10% Senior Secured Notes due 2015.
Libbey Inc.’s wholly owned subsidiary Libbey Glass Inc. has accepted for purchase USD 316,332,000 in aggregate principal amount of Libbey Glass’ 10% Senior Secured Notes due 2015, representing approximately 89% of the Notes validly tendered and not validly withdrawn on or prior to 5:00 p.m., New York City time, on Friday 11 May 2012 pursuant to its previously announced tender offer and consent solicitation. Payment for the Notes accepted for purchase occurred on Friday 18 May 2012, and the Notes purchased were subsequently cancelled. The aggregate consideration paid by Libbey Glass for the Notes accepted for purchase, including early tender premiums and accrued and unpaid interest, was USD 346,647,149.90, which was funded with a portion of the net proceeds from a previously announced private offering of debt securities by Libbey Glass. The tender offer was scheduled to expire at 11:59 p.m., New York City time, on 25 May 2012, unless extended by Libbey Glass.
As a result of Libbey Glass’ acceptance for purchase of USD 316,332,000 in aggregate principal amount of the Notes outstanding, certain amendments to the indenture governing the Notes set forth in a supplemental indenture that became effective on 10 May 2012, have become operative. Accordingly, substantially all of the restrictive covenants in the Indenture have been eliminated, certain events of default and other provisions of the Indenture have been modified and all of the collateral securing the obligations under the Notes have been released.