Owens-Illinois unit guides €300 million notes due 2021 with 5% yield

By Paul A. Harris and Aleesia Forni

Virginia Beach, Va., March, 19 - OI European Group BV, an indirect wholly owned subsidiary of Owens-Illinois Group, Inc., has set guidance for its proposed €300 million issue of senior notes due 2021 to yield 5%, according to a market source.

Books are scheduled to close at 3 p.m. GMT on Tuesday.

Goldman Sachs & Co. and Barclays are 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 are joint bookrunners.

Scotia Capital (USA) Inc. is a co-manager for the Rule 144A and Regulation S deal.

The notes will be non-callable.

Proceeds will be used to redeem OI European Group's €300 million 6 7/8% senior notes due 2017.

The glass bottle manufacturer is based in Perrysburg, Ohio, and Schiedam, the Netherlands.

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