Libbey Inc. and its wholly owned subsidiaries, Libbey Glass and Libbey Europe, have 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 USD 100 million ABL credit facility from 9 April 2019, to 7 December 2022. However, the amendment provides that the facility will mature on 9 January 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.”
Based in Toledo, Ohio, Libbey Inc. is one of the largest glass tableware manufacturers in the world. Libbey Inc. operates manufacturing plants in the US, Mexico, China, Portugal and the Netherlands. In existence since 1818, the Company supplies table-top 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 totalled USD 793.4 million.