NEW YORK -- BT Securities Corp., as lead agent, said it has completed a $300 million, two-part bank financing for Libbey Glass Inc.

A $150 million, seven-year term loan was priced at the London interbank offered rate plus 1% for the first three years, plus 1.125% for years four and five, and plus 1.25% for years six and seven.

A $150 million, five-year revolving credit was priced at Libor plus 0.875%.

Proceeds will be used to refinance intercompany indebtedness and pay related fees and expenses associated with the completion of Libbey Inc.'s initial public offering.

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