Owens Brockway begins roadshow Wednesday for $300 million seven-year notes

By Paul A. Harris

St. Louis, Mo., Jan. 7 - Owens Brockway Glass Container, Inc. will begin a roadshow Wednesday for a $300 million offering of senior secured notes due 2009 (B2/BB), a syndicate source told Prospect News on Monday. Pricing is expected on Jan. 16.

Bookrunner for the offering is Banc of America Securities with Goldman Sachs & Co. as joint lead and Deutsche Banc Alex. Brown, Morgan Stanley and Scotia Capital as co-leads.

Proceeds will be used to pay down a portion of the Alton, Ill. manufacturer's senior credit facility. The issuer is a subsidiary of Owens Illinois.

The Rule 144A notes will be non-callable for four years and contain a 35% equity clawback for three years.

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