Owens-Illinois talks €600 million eight-year notes at 3% area yield; pricing Friday

By Paul A. Harris

Portland, Ore., Oct. 27 – Owens-Illinois Group, Inc. guided its €600 million offering of senior notes due 2024 (expected ratings Ba3/BB) in the 3% area, according to a market source.

Guidance comes wide of the mid-to-high 2% initial guidance.

The Rule 144A and Regulation S deal is set to price on Friday.

Global coordinator J.P. Morgan Securities LLC will bill and deliver. Credit Agricole CIB is also a global coordinator. BNP Paribas Securities Corp., BofA Merrill Lynch and Deutsche Bank Securities Inc. are joint bookrunners.

The notes feature a par call three months prior to maturity but are otherwise non-callable.

The glass container manufacturer, which is based in Perrysburg, Ohio, and Schiedam, Netherlands, plans to use the proceeds to repay its outstanding term loan B, which had $568 million outstanding as of Sept. 30, 2016, and for general corporate purposes.

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