Owens-Illinois to start roadshow Monday for €300 million 10-year notes

By Paul A. Harris

St. Louis, March 2 - OI European Group BV, an indirect wholly owned subsidiary of Owens-Illinois, Inc., will begin a roadshow in Europe on Monday for its €300 million offering of 10-year senior notes (B3/B/B), according to an informed source.

BNP Paribas, Citigroup and JP Morgan are joint bookrunners for the Rule 144A for life and Regulation S notes. Barclays Capital and HSBC are co-managers.

The notes will come with five years of call protection.

Proceeds will be used to repay debt under the company's existing secured credit facility. In May, a subsidiary borrower of Owens-Illinois, Inc. intends to borrow under the secured credit agreement in order to repay all outstanding $300 million of Owens-Illinois, Inc.'s, 8.10% senior notes due May 15, 2007.

The new euro-denominated senior notes will be guaranteed by Owens-Illinois, a Toledo, Ohio, manufacturer of glass containers, plastic health care packaging and plastic closure systems.

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