Bank meetings will be held this week in New York and Chicago for a $625 million credit for Toledo, Ohio-based Libbey. Ken Wilkes, v.p., cfo for the glass tableware manufacturer, said the loan will fund the acquisition of the Anchor Hocking consumer and specialty glass business of Newell Rubbermaid and refinance Libbey's existing debt. Leads Bank of America, Bank One and Bear Stearns will hold meetings in New York tomorrow and Thursday in Chicago.
Bank One and B of A were chosen based on longstanding commercial banking relationships and Bear Stearns has been an adviser on investment banking business for some time, said Wilkes. The loan consists of a $325 million revolver and a $150 million term loan "A" priced at LIBOR plus 1 3/4 %, and a term loan "B" with a spread of LIBOR plus 2 1/2 %. Wilkes referred further questions to officials at B of A, who could not comment