By Paul A. Harris
Portland, Ore., March 19 - OI European Group BV, an indirect wholly owned subsidiary of Owens-Illinois Group, Inc., priced an upsized €330 million issue of eight-year senior notes (Ba2/BB+/) at par to yield 4 7/8% on Tuesday, according to a market source.
The yield printed at the tight end of yield talk set in the 5% area.
Goldman Sachs & Co. and Barclays are the global coordinators, while BNP Paribas Securities Corp., BofA Merrill Lynch, Credit Agricole CIB, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC were joint bookrunners for the quick-to-market deal, which was upsized from €300 million.
Proceeds will be used to redeem OI European Group's 6 7/8% senior notes due 2017.
The glass bottle manufacturer is based in Perrysburg, Ohio, and Schiedam, the Netherlands.
| Issuer: | OI European Group BV (an indirect wholly owned subsidiary of Owens-Illinois Group, Inc.)
|
| Amount: | €330 million, increased from €300 million
|
| Maturity: | March 31, 2021
|
| Securities: | Senior notes
|
| Global coordinators: | Goldman Sachs & Co., Barclays
|
| Joint bookrunners: | BNP Paribas Securities Corp., BofA Merrill Lynch, Credit Agricole CIB, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC
|
| Co-manager: | Scotia Capital (USA) Inc.
|
| Coupon: | 4 7/8%
|
| Price: | Par
|
| Yield: | 4 7/8%
|
| Spread: | 396 bps
|
| Call protection: | Non-callable
|
| Trade date: | March 19
|
| Settlement date: | March 22
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5% area
|
| Marketing: | Quick to market
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
