Libbey Inc., and its wholly owned subsidiaries, Libbey Glass Inc. and Libbey Europe B.V., 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 $100 million ABL credit facility from April 9, 2019, to December 7, 2022. However, the amendment provides 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, 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.”