Owens-Illinois to reduce revolver with some proceeds from note sale

By Sara Rosenberg

New York, April 21 - Owens-Brockway Glass Container Inc., an indirect wholly owned subsidiary of Owens-Illinois Inc., intends to use part of the proceeds from a $800 million note sale to permanently reduce Owens-Illinois Inc.'s revolving loan portion of its secured credit agreement, which matures on March 31, 2004.

Proceeds from the sale of the $450 million aggregate principal amount of senior secured notes and $350 million aggregate principal amount of senior notes in a private offering will also be used to repurchase Owens-Illinois' $300 million 7.85% senior notes due 2004.

Owens-Illinois is a Toledo, Ohio manufacturer of packaging products.

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