Libbey Glass to sell $400 million eight-year notes via JP Morgan, Bear Stearns

By Paul A. Harris

St. Louis, May 15 - Libbey Glass Inc. will begin a roadshow on Tuesday for its $400 million offering of eight-year senior notes (B), according to market sources.

The offering is expected to price on May 24.

JP Morgan and Bear Stearns & Co. are the underwriters for the Rule 144A and Regulation S offering.

The notes will come with four years of call protection.

Proceeds, together with a new senior secured credit facility, will be used to finance the purchase of a 51% equity interest (bringing Libbey's ownership to 100%) in its Crisa Mexican joint venture with Vitro SA de CV, to repay Libbey's existing senior secured credit facility, to redeem Libbey's outstanding senior notes, to repay existing Crisa debt and to refinance the euro-denominated working capital line of credit of its wholly owned subsidiary, Libbey Europe BV.

The prospective issuing entity is wholly owned subsidiary of Libbey Inc., a Toledo, Ohio, glass tableware manufacturer.

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