Owens-Illinois seeks 100 bps spread reduction on term loans

By Sara Rosenberg

New York, June 17 - Owens-Illinois Inc. is trying to lower interest rates on its four term loans totaling about $690 million to Libor plus 175 basis points from Libor plus 275 bps, according to a market source.

Deutsche Bank is leading the deal.

Repriced tranches include the term loan A, term loan B, term loan C1 and term loan C2, the source said.

No call protection is being offered with this repricing.

The Toledo, Ohio, manufacturer of packaging products launched its repricing amendment to lenders via a conference call Monday.

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