OI European launches $400 million senior notes due 2030 with yield talk in high 4% area

By Marisa Wong and Paul A. Harris

Los Angeles, Nov. 8 – O-I Glass, Inc. indirect wholly owned subsidiary OI European Group BV intends to offer $400 million of senior notes due 2030 (B1/B+), according to a press release.

The notes will be guaranteed by Owens-Illinois Group, Inc. and some of its U.S. domestic subsidiaries that are guarantors under its credit agreement.

Initial talk for the 8.25-year non-callable three-year offering is in the high 4% area, according to a market source.

Deutsche Bank Securities Inc. is the lead.

O-I Glass said it expects to use proceeds from the Rule 144A and Regulation S offering, together with cash on hand, to redeem in full OI Europe’s 4% senior notes due 2023 and repay a portion of the borrowings outstanding under its term loan A facility.

O-I Glass is a Perrysburg, Ohio-based glass bottle and jar producer. The issuer is based in Schiedam, the Netherlands.

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