January 25, 2010 (FinancialWire) — Libbey Inc. (AMEX: LBY) said that its wholly owned subsidiary Libbey Glass Inc. (“Libbey Glass”) plans to issue $400 million aggregate principal amount of senior secured notes due 2015 in a private placement.

The company plans to use the net proceeds from the sale of the Notes, together with cash on hand, to repurchase its existing $306 million Floating Rate Senior Secured notes due 2011 in a tender offer expected to launch on January 25, 2010, repay its $80.4 million Senior Subordinated Secured Payment-in-Kind notes due 2021 and pay related fees and expenses.

According to Libbey, the sale of the notes is contingent upon the entry into a new $110 million senior secured asset-based revolving credit facility by Libbey Glass and its direct wholly owned subsidiary Libbey Europe B.V., as borrowers, and Libbey and certain of Libbey Glass’ existing and future subsidiaries as guarantors.

Ohio-based Libbey operates glass tableware manufacturing plants in the United States, Mexico, China, Portugal and the Netherlands.

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