Libbey to get asset-based revolver, issue bonds for Crisa purchase

By Sara Rosenberg

New York, April 3 - Libbey Inc. plans to obtain a new asset-based revolving credit facility and issue senior unsecured notes as part of its purchase of Vitro's 51% interest in Vitrocrisa Holdings and related companies (Crisa), according to a company news release.

The purchase price for Vitro's equity is $80 million in cash.

In addition to funding the acquisition, the new debt will be used to refinance Libbey's existing debt and Crisa's debt of about $65 million.

Closing of the acquisition, which is expected in the second quarter, is subject to customary conditions, including successful completion of the financing, receipt by Vitro of the approval of its stockholders and regulatory approval by the Mexican Competition and Foreign Investment commissions.

Bear, Stearns & Co. Inc. was Libbey's exclusive financial advisor on this transaction.

Libbey is a Toledo, Ohio-based producer of glass tableware. Crisa is a glass tableware manufacturer in Mexico and Latin America, and is a supplier of glass coffee pots and blender jars.

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