New Issue: Owens-Illinois unit prices $310 million 4% 5.25-year bullet at par

By Paul A. Harris

Portland, Ore., Dec. 5 – Owens-Illinois, Inc. subsidiary OI European Group BV priced a $310 million issue of 4% 5.25-year senior bullet notes (Ba3/BB) at par to yield 4.001% in a quick-to-market Tuesday trade, according to a syndicate source.

The yield came in the middle of yield talk in the 4% area.

Global coordinator Goldman Sachs & Co. was 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 were the joint bookrunners.

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.

Issuer:	OI European Group BV
Amount:	$310 million
Maturity:	March 15, 2023
Securities:	Senior notes
Left bookrunner:	Goldman Sachs & Co.
Joint bookruners:	BofA Merrill Lynch, BNP Paribas Securities Corp., Credit Agricole CIB, J.P. Morgan Securities LLC, Scotia Capital, Wells Fargo Securities LLC
Co-managers:	Rabo, TD Securities, Westpac
Coupon:	4%
Price:	Par
Yield:	4.001%
Spread:	182 bps
Call protection:	Par call three months prior to maturity, otherwise non-callable
Trade date:	Dec. 5
Settlement date:	Dec. 12
Ratings:	Moody's: Ba3
	S&P: BB
Distribution:	Rule 144A and Regulation S for life
Price talk:	4% area
Marketing:	Quick to market

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