Owens-Illinois amends credit agreement, lifts maximum leverage ratio

By Tali Rackner

Norfolk, Va., Feb. 8 – Owens-Illinois Group, Inc. entered into an amendment to its amended and restated credit agreement and syndicated facility agreement on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

The amendment increases the maximum total leverage ratio to 5 times for the first three fiscal quarters of 2016 and 4.5 times for the fourth fiscal quarter of 2016 and the first three fiscal quarters of 2017, stepping down to 4 times for the fourth fiscal quarter of 2017 and for each fiscal quarter thereafter.

Deutsche Bank AG, New York Branch is the administrative agent on the facility.

Owens-Illinois is a Perrysburg, Ohio-based glass container maker.

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