Owens-Brockway, OI European launch tender offers for 2023, 2024 notes

By Marisa Wong

Los Angeles, May 11 – O-I Glass, Inc. announced that Owens-Brockway Glass Container Inc. and OI European Group BV have begun concurrent but separate offers to purchase for cash any and all of their outstanding securities.

Owens-Brockway is offering to purchase any and all of its $250 million outstanding 5 7/8% senior notes due 2023 (Cusip: 69073TAR4, U68337AK7) at a purchase price to be calculated based on the 1/8% U.S. Treasury due Aug. 15, 2023 and a fixed spread of 50 basis points.

OI European is offering to purchase any and all of its €725 million outstanding 3 1/8% senior notes due 2024 (ISIN: XS1405766038, XS1405765907) for a total consideration of €1,000 per €1,000 principal amount.

Pricing for the dollar notes offer will be determined at 2 p.m. ET on May 23.

Both offers will expire at 5 p.m. ET on May 23, which is also the withdrawal deadline.

The guaranteed delivery date for both offers is 5 p.m. ET on May 25.

Settlement is expected to occur on May 26.

The tender offers are being made in connection with Owens-Brockway’s proposed offering of new dollar-denominated senior notes and OI European’s planned offering of new euro-denominated senior notes, proceeds of which will be used to finance the dollar notes tender offer and euro notes tender offer, respectively. Each tender offer is conditioned on completion of the related new notes offering.

Wells Fargo Securities, LLC (866 309-6316 or 704 410-4759; liabilitymanagement@wellsfargo.com) is dealer manager for the dollar notes offer, and J.P. Morgan SE (+44 20 7134 4353; liability_management_EMEA@jpmorgan.com) is dealer manager for the euro notes offer.

D.F. King (800 714-3306, 212 269-5550 or +44 20 7920 9700; owens@dfking.com; www.dfking.com/owens-brockway) is the information agent and tender agent.

O-I Glass is a Perrysburg, Ohio-based producer of glass bottles and jars.

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