Daily News: December 12, 2017

JPMorgan Extends $100MM Libbey Glass ABL


Libbey and its wholly owned subsidiary, Libbey Glass, entered into an amendment to extend the terms of its existing asset-based loan credit facility.

According to a related 8-K facility, JPMorgan Chase served as administrative agent for the lenders with respect to the U.S. loans, and J.P. Morgan Europe was administrative agent for the lenders with respect to the Netherlands loans.

The amendment extended the maturity of the $100 million ABL credit facility from April 9, 2019 to December 7, 2022. However, the amendment provided 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,” said James Burmeister, CFO 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, OH, Libbey is one of the largest glass tableware manufacturers in the world.