TOLEDO, Ohio, Dec. 11, 2017 /PRNewswire/ -- Libbey Inc.
(NYSE American: LBY), (the "Company" or "Libbey") and its wholly
owned subsidiaries, Libbey Glass Inc. ("Libbey Glass") and Libbey Europe B.V. ("Libbey Europe"), today announced that it has
entered into an amendment to extend the terms of its existing
asset-based loan (ABL) credit facility.
The amendment extends the maturity of the $100 million ABL credit facility from
April 9, 2019, to December 7, 2022. However, the amendment
provides that the facility will mature on January 9, 2021, if certain conditions related to
any refinancing or extension of the maturity of the Company's Term
Loan B facility are not completed by that date.
In addition to the extension of the term of the ABL credit
facility, the Company obtained additional flexibility to include an
increased amount of inventory in its borrowing base, as well as
additional flexibility for divestitures of assets.
"We are pleased with the support we have received from our
lenders and value their continued confidence in our business,"
stated James Burmeister, chief
financial officer of Libbey. "This amendment aligns more
closely with the Company's liquidity needs and enhances our
flexibility to execute against our strategy and drive profitable
growth."
About Libbey Inc.
Based in Toledo, Ohio, Libbey
Inc. is one of the largest glass tableware manufacturers in the
world. Libbey Inc. operates manufacturing plants in the U.S.,
Mexico, China, Portugal and the
Netherlands. In existence since 1818, the Company supplies
tabletop products to retail, foodservice and business-to-business
customers in over 100 countries. Libbey's global brand portfolio,
in addition to its namesake brand, includes Libbey
Signature®, Master's Reserve®,
Crisa®, Royal
Leerdam®, World® Tableware,
Syracuse® China, and Crisal Glass®. In 2016,
Libbey Inc.'s net sales totaled $793.4
million. Additional information is available at
www.libbey.com.
Caution on Forward-Looking Statements
This press release includes forward-looking statements as
defined in Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act of 1934, as amended. Such statements
reflect only the Company's best assessment at this time and are
indicated by words or phrases such as "goal," "expects," "
believes," "will," "estimates," "anticipates," or similar phrases.
Investors are cautioned that forward-looking statements involve
risks and uncertainty and that actual results may differ materially
from these statements. Investors should not place undue reliance on
such statements. These forward-looking statements may be affected
by the risks and uncertainties in the Company's business. This
information is qualified in its entirety by cautionary statements
and risk factor disclosures contained in the Company's Securities
and Exchange Commission filings, including the Company's report on
Form 10-K filed with the Commission on March
3, 2017. Important factors potentially affecting performance
include but are not limited to risks related to increased
competition from foreign suppliers endeavoring to sell glass
tableware, ceramic dinnerware and metalware in our core markets;
global economic conditions and the related impact on consumer
spending levels; changes in trends in the restaurant and bar
industry and the retail channel of distribution that impact demand
for our products; major slowdowns in the retail, travel or
entertainment industries in the United
States, Canada,
Mexico, Western Europe and Asia, caused by terrorist attacks or
otherwise; significant increases in per-unit costs for natural gas,
electricity, freight, corrugated packaging, and other purchased
materials; our ability to borrow under our ABL credit agreement;
high levels of indebtedness; high interest rates that increase the
Company's borrowing costs or volatility in the financial markets
that could constrain liquidity and credit availability; protracted
work stoppages related to collective bargaining agreements;
increases in expense associated with higher medical costs,
increased pension expense associated with lower returns on pension
investments and increased pension obligations; devaluations and
other major currency fluctuations relative to the U.S. dollar and
the euro that could reduce the cost competitiveness of the
Company's products compared to foreign competition; the effect of
exchange rate changes to the value of the euro, the Mexican peso,
the RMB and the Canadian dollar and the earnings and cash flows of
our international operations, expressed under U.S. GAAP; the effect
of high levels of inflation in countries in which we operate or
sell our products; and the inability to achieve savings and profit
improvements at targeted levels in the Company's operations or
within the intended time periods. Any forward-looking statements
speak only as of the date of this press release, and the Company
assumes no obligation to update or revise any forward-looking
statement to reflect events or circumstances arising after the date
of this press release.
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SOURCE Libbey Inc.