OI European to repay bank debt using bond proceeds

By Sara Rosenberg

New York, March 2 - OI European Group BV plans to repay borrowings under its existing secured credit facility using proceeds from a proposed €300 million senior notes offering, according to a company news release.

However, in May, the company intends to borrow under the credit facility in order to repay all outstanding $300 million of Owens-Illinois, Inc.'s 8.10% senior notes due May 15.

OI European is an indirect wholly owned subsidiary of Owens-Illinois, Inc., a Toledo, Ohio-based manufacturer and marketer of packaging products.

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