Libbey Inc. (NYSEMKT:LBY) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On December 7, 2017, Libbey Inc. (the "Company" or "Libbey") and its wholly owned subsidiaries, Libbey Glass Inc. ("Libbey Glass") and Libbey Europe B.V. ("Libbey Europe"), entered into an amendment (the "Revolving Credit Facility Amendment") to its existing revolving credit facility (the "Revolving Credit Facility") with its Lenders (as defined in the Revolving Credit Facility Amendment) and JP Morgan Chase Bank, N.A., the administrative agent.
to the amendment, the term of the Revolving Credit Facility has been extended from April 9, 2019, to December 7, 2022. However, the term of the facility will mature on January 9, 2021, unless either (a) the stated maturity of Libbey Glass’s obligations under its $440.0 million senior secured term loan B facility (the “Term Loan B Facility”) is extended to a date on or after March 7, 2023 (without any increase to the scheduled amortization payments measured as a percentage of the outstanding term loan obligations during the extended period in the case of such an extension) or (b) Libbey Glass’s obligations under the Term Loan B Facility are refinanced in full by certain indebtedness permitted under the Revolving Credit Facility with a stated maturity on or after March 7, 2023.
In addition to the extension of the term of the Revolving 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. The Company also agreed that certain borrowings will be subject to a zero interest rate floor, meaning that if the applicable interest rate is less than zero, the rate shall be deemed to be zero.
A copy of the Revolving Credit Facility Amendment is filed as Exhibit 4.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 1.01. All other material terms of the Revolving Credit Facility remain the same. Additional information regarding the terms of the Revolving Credit Facility is contained in Libbey's current report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on April 9, 2014, and its annual report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 3, 2017.
The foregoing descriptions of the Revolving Credit Facility Amendment are qualified in their entirety, as applicable, by the exhibit incorporated by reference herein.
Item 1.01 Creation of a Direct Financial Obligation or an Obligation under Off-Balance Sheet Arrangements of a Registrant.
Revolving Credit Facility Amendment
The information provided in Item 1.01 under “Revolving Credit Facility Amendment” is incorporated by reference into this Section2.03.
Item 1.01 Financial Statements and Exhibits.
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The following exhibits are being filed herewith: |
LIBBEY INC ExhibitEX-4.1 2 ex41.htm EXHIBIT 4.1 Exhibit Exhibit 4.1AMENDMENT NO. 6 TO AMENDED AND RESTATED CREDIT AGREEMENTThis amendment NO. 6 TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is dated as of December 7,…To view the full exhibit click here
About Libbey Inc. (NYSEMKT:LBY)
Libbey Inc. is a manufacturer and marketer of glass tableware products. The Company’s segments include U.S. & Canada; Latin America; Europe, the Middle East and Africa (EMEA), and Other. The U.S. & Canada segment includes the sales of manufactured and sourced glass tableware and sourced ceramic dinnerware, metal tableware, hollowware and serveware having an end market destination in the United States and Canada. The Latin America segment includes primarily the sales of manufactured and sourced glass tableware having an end market destination in Latin America, including glass products for original equipment manufacturers (OEMs) that have an end market destination outside of Latin America. The EMEA segment includes primarily the sales of manufactured and sourced glass tableware having an end market destination in EMEA. The Other segment includes primarily the sales of manufactured and sourced glass tableware having an end market destination in Asia Pacific.
