Owens-Illinois to bring new bonds to fund tender for exchangeables

New York, Nov. 3 – Owens-Illinois, Inc. plans to offer new senior notes through its Owens-Brockway Glass Container Inc. subsidiary, according to a press release.

Proceeds will be used to fund a cash tender offer for Owens-Brockway’s 3% exchangeable senior notes due 2015.

There are $628.7 million of the exchangeables outstanding.

Additional funding for the tender offer will come from cash on hand and borrowings under the company’s revolving credit facility.

The exchange offer ends at 5 p.m. ET on Dec. 3.

Deutsche Bank Securities is the dealer-manager for the tender offer.

No further details on the new notes were available at press time.

Owens-Illinois is a Perrysburg, Ohio, manufacturer of glass containers.

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