Owens-Illinois launches $2 billion of multi-currency pro rata loans

By Paul A. Harris

Portland, Ore., April 19 - Owens-Illinois Group, Inc. launched $2 billion of pro rata loans on Tuesday, according to an informed source.

The deal includes a $900 million multi-currency revolver with pricing at Libor plus 175 basis points and a 37.5 bps commitment fee.

In addition the deal includes a $1.1 billion multi-currency term loan A, which is also coming with Libor plus 175 bps pricing.

The term loan A tranche breakdown includes $600 million, €200 million, C$120 million and A$180 million.

Deutsche Bank is the left lead. Merrill Lynch, J.P. Morgan Securities LLC, Citigroup Global Markets, Scotia Capital and BNP Paribas are joint bookrunners.

The Perrysburg, Ohio-based glass container maker plans to use the proceeds to refinance debt.

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