Moody’s rates Owens-Illinois facilities Baa3

Moody's Investors Service said it assigned Baa3 ratings to the proposed new term loan and revolving credit facilities due June 2023 of Owens-Illinois Inc. and its subsidiaries.

The Ba3 corporate family rating and Ba3-PD probability of default rating are unchanged.

The outlook is stable.

The proceeds of the debt will be used to pay off the existing term loan A and revolving credit facilities and to pay fees and expenses associated with the transaction.

“The transaction does not change the credit profile as it is leverage neutral,” the agency said in a news release.

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