Owens-Illinois gets tenders for 88% of 7½% debentures thus far

By Jennifer Chiou

New York, May 28 - Owens-Illinois, Inc. announced the early results of the cash tender offer for any and all of its outstanding $250 million of 7½% senior debentures due 2010.

As of 5 p.m. ET on May 27, holders had tendered $220.2 million, or about 88%, of the notes.

The offer ends at midnight ET on June 10. It began on May 14.

Holders who tendered their notes prior to the early deadline will receive $1,040 for each $1,000 principal amount of notes, including an early tender payment of $10.

Settlement is slated for June 11.

J.P. Morgan Securities Inc. (800 245-8812 or call collect 212 270-3994), Banc of America Securities LLC (888 292-0070 or call collect 980 388-9217) and Deutsche Bank Securities Inc. (866 627-0319 or call collect 212 250-2955) are the dealer managers. Global Bondholder Services Corp. (866 795-2200 or call collect 212 430-3774) is the information agent.

Owens-Illinois is a Perrysburg, Ohio-based manufacturer of recyclable glass containers.

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