Owens-Illinois to price $310 million 5.25-year bullet on Tuesday

By Paul A. Harris

Portland, Ore., Dec. 5 – Owens-Illinois, Inc. subsidiary OI European Group BV plans to price $310 million of 5.25-year senior bullet notes (existing ratings Ba3/BB) in a quick-to-market Tuesday trade following a mid-morning conference call with investors, according to a syndicate source.

Global coordinator Goldman Sachs & Co. is the left bookrunner. BofA Merrill Lynch, BNP Paribas Securities Corp., Credit Agricole CIB, J.P. Morgan Securities LLC, Scotia Capital and Wells Fargo Securities LLC are the joint bookrunners.

Rabo Securities, TD Securities and Westpac Banking Corp. are the co-managers.

The Rule 144A and Regulation S for life notes feature a par call three months prior to maturity but are otherwise non-callable.

The Toledo, Ohio, manufacturer of glass containers, plastic health care packaging and plastic closure systems plans to use the proceeds, together with cash from its balance sheet, to pay off its euro-denominated term loan A, of which there was $304 million equivalent outstanding as of Dec. 5.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.