Owens-Brockway starts $250 million capped tender offer for four notes

Chicago, Feb. 10 – Owens-Brockway Glass Container Inc. started a cash tender offer for up to $250 million total purchase price from four notes, according to a press release.

All of the notes are guaranteed by Owens-Illinois Group, Inc.

Listed by descending acceptance priority level, the company is offering to buy from the following series with the related total considerations:

• Up to $150 million of the $700 million outstanding 5 7/8% senior notes due 2023 (Cusips: 69073TAR4, U68337AK7) for $1,045 per note;

• Up to $100 million of the $700 million outstanding 6 5/8% senior notes due 2027 (Cusips: 69073TAT0, U68337AM3) for $1,057.50 per note;

• $300 million outstanding 6 3/8% senior notes due 2025 (Cusips: 69073TAS2, U68337AL5) for $1,070 per note; and

• $300 million outstanding 5 3/8% senior notes due 2025 (Cusips: 690872AB2, U6S19GAC1) for $1,038.75 per note.

The considerations are based on $1,000-par notes and the total considerations include a $30 early tender premium that will not be paid to noteholders who tender after the early deadline.

Interest will also be paid to the applicable settlement date.

Tenders may be subject to proration.

The early tender time is 5 p.m. ET on Feb. 24, also the withdrawal deadline.

The tender offer will expire at midnight ET on March 10.

OB Glass has the option for an early settlement, expected for Feb. 28.

Final settlement is planned for March 14.

Wells Fargo Securities, LLC is the lead dealer manager (866 309-6316, 704 410-4759, liabilitymanagement@wellsfargo.com).

D.F. King & Co., Inc is the information and tender agent for the offer (800 549-6746, 212 269-5550, owens@dfking.com).

Owens-Brockway is a Perrysburg, Ohio-based glass container manufacturer.

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