Owens-Illinois unit to redeem all 6¾% notes and some 4 7/8% notes

By Sarah Lizee

Olympia, Wash., Nov. 12 – Owens-Illinois Group, Inc. said wholly owned subsidiary OI European Group BV plans to redeem its €250 million of outstanding 6¾% senior notes due 2020 and €212 million of its 4 7/8% senior notes due 2021.

The notes will be redeemed on Nov. 22 at a redemption price equal to par plus a make-whole premium and accrued interest to the redemption date.

Following the redemptions, €118 million of the 2021 notes will remain outstanding.

The company intends to fund each redemption with proceeds from the previously announced offering by OI Europe of €500 million of 2 7/8% senior green notes due 2025.

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

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