Owens-Brockway $300 million notes talked at 8¾%-8 7/8%, pricing Tuesday

By Paul A. Harris

St. Louis, Mo., Nov. 4 - Price talk of 8¾%-8 7/8% emerged Monday on Owens-Brockway Glass Container Inc.'s offering of $300 million senior secured notes due 2012 (B2/BB/BB), according to a syndicate source.

The deal is set to price on Tuesday, the source added.

Salomon Smith Barney, Banc of America Securities and Deutsche Bank Securities Inc. are joint bookrunners. Banc One Capital Markets and Scotia Capital are joint leads. Goldman Sachs & Co. is co-manager.

The Rule 144A notes are non-callable for five years and contain a three-year equity clawback at 35%.

Proceeds will be used to repay bank debt.

The Toledo, Ohio-based company, a wholly-owned subsidiary of Owens-Illinois Inc., manufactures glass and plastic packaging.

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