Owens-Illinois prepays nearly $1.3 billion in term debt in October

By Sara Rosenberg

New York, Oct. 19 - Owens Illinois Inc. prepaid about $1.282 billion of term loan debt this month using asset sale proceeds and prepaid $150 million of term loan debt during the third quarter using free cash flow, according to a company news release.

Proceeds from the sale of the blow-molded plastic container business, which was completed on Oct. 7, was used to pay down $1.2 billion of term debt, and the $82 million of cash proceeds received from the sale of the 20% equity interest in Consol Ltd. of South Africa on Oct. 12 was also used to repay term debt.

Owens-Illinois is a Toledo, Ohio, manufacturer of packaging products.

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