Libbey News

Overview -- U.S.-based Libbey Inc. is refinancing its senior secured notes. As part of the transaction, Libbey will reduce its underfunded pension obligations by about $80 million, yet increase its balance sheet debt by about $100 million.

Libbey announced today that its wholly owned subsidiary, Libbey Glass Inc. , has commenced a cash tender offer to purchase up to $320.0 million of its outstanding $360.0 million aggregate principal amount of 10% Senior Secured Notes due 2015 , plus accrued and unpaid interest to, but excluding, the applicable settlement date.

Glass maker Libbey Inc. said Friday that it swung to a profit in the first quarter as it notched increased sales, especially in China and Mexico.