Libbey Inc. announced the expiration date had occurred for holders to tender Notes and deliver consents and receive the total consideration pursuant to the Offer with regards to the previously announced cash tender offer made by its wholly-owned subsidiary Libbey Glass Inc.
Libbey Inc. announced, in connection with the previously announced cash tender offer made by its wholly-owned subsidiary Libbey Glass Inc. to purchase up to USD 360.0 million of its outstanding USD 405.0 million aggregate principal amount of 6.875% Senior Secured Notes due 2020 and consent solicitation, that as of 5:00 p.m. New York City time, on 25 March 2014, the expiration date had occurred for holders to tender Notes and deliver consents and receive the total consideration pursuant to the Offer, and that it had received, as of 5:00 p.m. New York City time, on 25 March 2014, tenders and consents from holders of USD 400,406,000 in aggregate principal amount of the Notes, representing 98.87% of the total outstanding principal amount of the Notes.
Libbey Glass’s obligation to accept for purchase and pay the consideration for validly tendered Notes is subject to proration and contingent upon the satisfaction of certain conditions including (i) the consummation of a new debt financing on terms and conditions satisfactory to the Company, (ii) the amending of, or the receipt of any required consents under, the existing amended and restated credit agreement, and (iii) other customary conditions, in each case as set forth in the Offer to Purchase and Consent Solicitation Statement. The settlement date is currently expected to be 9 April 2014. The tender offer is scheduled to expire at 11:59 p.m., New York City time, on 8 April 2014, unless extended by Libbey Glass.
As a result of obtaining the requisite consents to the Consent Solicitation, Libbey Glass executed and delivered a supplemental indenture to the indenture governing the Notes containing the proposed amendments to the Indenture, including a release of collateral. The supplemental indenture provides that the amendments to the Indenture will only become operative when validly tendered Notes are purchased, subject to proration and the Tender Cap, on the settlement date pursuant to the Tender Offer.
Tendered Notes could have been withdrawn at any time on or prior to 5:00 p.m., New York City time, on the date the requisite consents were received, March 24, 2014. Because the Withdrawal Date has passed, Notes tendered and consents given after that date may not be validly withdrawn or revoked, other than as required by applicable law.
