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Owens-Illinois $1.5 billion credit facility to launch Tuesday
By Sara Rosenberg
New York, May 4 - Owens-Illinois Inc. is scheduled to hold a bank meeting on Tuesday to launch its proposed $1.5 billion credit facility, according to a market source.
Deutsche Bank and Bank of America are the lead banks on the deal, with Deutsche the left lead.
The facility consists of an $850 million multi-currency revolver, a $225 million term loan A, a $300 million term loan B and a $125 million term loan C, the source said, adding that price talk is not yet available.
Proceeds will be used to refinance existing debt.
Owens-Illinois is a Toledo, Ohio, manufacturer of packaging products.
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