Key Developments: Libbey Inc (LBY)
21.66USD
17 May 2013
$0.41 (+1.93%)
$21.25
$21.40
$21.78
$21.20
71,976
85,211
$21.78
$13.40
Latest Key Developments (Source: Significant Developments)
Libbey Inc Issues FY 2013 Revenue Guidance In Line With Analysts' Estimates-Conference Call
Libbey Inc announced that for fiscal 2013, it expects to realize year-over-year revenue growth in the low- to mid-single-digit range. The Company reported revenue of $828.45 million in fiscal 2012. According to I/B/E/S estimates, analysts were expecting the Company to report revenue of $857.20 million in fiscal 2013. Full Article
Libbey Inc Comments On Q4 2012 Revenue Guidance-Conference Call
Libbey Inc announced that despite continuing to experience significant headwinds due to currency devaluations, the economic decline in Europe, and the slow growth in the Chinese economy, it do anticipate revenue will be flat to slightly positive in the fourth quarter of 2012. Full Article
Libbey, Inc. Names New Chief Financial Officer
Libbey, Inc. announced that Sherry Buck is being appointed to the position of Vice President, Chief Financial Officer. Ms. Buck will be joining Libbey as an Officer of the Company on August 1, 2012. Concurrent with Ms. Buck's assignment, Richard Reynolds, previously Chief Financial Officer, was named to the new position of Executive Vice President, Strategy Program Management. Full Article
Libbey, Inc. Closes $450 Million Private Placement Of Senior Secured Notes
Libbey, Inc. announced that its wholly owned subsidiary Libbey Glass Inc. has completed its previously announced private placement of $450 million aggregate principal amount of 6.875% senior secured notes due 2020. The Notes were offered to qualified institutional buyers pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. Libbey Glass used a portion of the net proceeds of the notes offering to purchase $316,332,000 in aggregate principal amount of Libbey Glass' 10% Senior Secured Notes due 2015 under the previously announced tender offer. Additionally, Libbey Glass intends to use the remaining net proceeds of the notes offering, cash on hand and drawings under the Amended and Restated Senior Secured Credit Agreement to finance the purchase of up to an additional $3,668,000 of the Existing Notes pursuant to the Tender Offer; to contribute $79.7 million to the U.S. pension plans to fully fund the Company's target obligations under ERISA; to redeem $40.0 million in aggregate principal amount of the Existing Notes that remain outstanding following the consummation of the Tender Offer at a redemption price of 103%, plus any applicable accrued and unpaid interest; and to pay related fees and expenses. Full Article
Libbey, Inc.'s Libbey Glass Inc. Prices $450 Million Of Senior Secured Notes Due 2020
Libbey, Inc. announced that its wholly owned subsidiary Libbey Glass Inc. (Libbey Glass) has priced $450 million aggregate principal amount of 6.875% senior secured notes due 2020 (the Notes) in a private placement at par. The sale of the Notes is expected to close on May 18, 2012, subject to customary closing conditions. The Company and Libbey Glass intend to use the net proceeds from the sale of the Notes, together with cash on hand and borrowings under the Amended and Restated Senior Secured Credit Agreement (as defined below), to repurchase up to $320 million of the existing Libbey Glass 10% Senior Secured Notes due 2015 in a previously announced tender offer, redeem $40 million in aggregate principal amount of the existing notes that remain outstanding after consummation of the tender offer, pay related fees and expenses and contribute $79.7 million to the Company's U.S. pension plans to fully fund its target obligations under ERISA. The sale of the Notes is contingent upon certain conditions, including the consummation of the Tender Offer and the consummation of certain amendments to the existing Amended and Restated Senior Secured Credit Agreement (the Amended and Restated Senior Secured Credit Agreement) to which Libbey Glass and its direct wholly owned subsidiary Libbey Europe B.V., as borrowers, and Libbey and certain of Libbey Glass's existing and future subsidiaries, as guarantors, are party. Full Article
Libbey, Inc. Sees Q2 2012 Charge Guidance
Libbey, Inc. announced that its wholly owned subsidiary Libbey Glass Inc. plans to call for redemption prior to the end of the second quarter of 2012, an aggregate principal amount of $40.0 million of its outstanding 10.0% senior secured notes due 2015. The Company plans to fund this redemption using cash on its balance sheet and/or borrowings under its Asset Backed Loan (ABL) credit facility. This redemption is expected to result in a one-time charge for early extinguishment of debt in the Company's second quarter 2012 of $2.2 million ($1.0 million of which is a non-cash charge), or approximately $0.10 per diluted share. Full Article
Libbey, Inc. Announces Board Changes
Libbey, Inc. announced that Stephanie A. Streeter has been appointed Chief Executive Officer (CEO) and will be elected to the Libbey Board of Directors effective August 1, 2011. William A. Foley, who has been a director of Libbey since 1994, has been named Chairman of the Board. Current Chairman and CEO John F. Meier announced in February 2011, his intention to retire this year. Full Article
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