Owens-Brockway to start roadshow for $800 million notes in two tranches on Wednesday

By Paul A. Harris

St. Louis, April 21 - Owens-Brockway Glass Container, Inc. starts the roadshow Wednesday for a two-tranche $800 million high-yield notes offering, according to a syndicate source.

The deal is expected to price April 30.

Deutsche Bank Securities Inc. and Banc of America Securities are joint bookrunners on the Rule 144A deal.

The company, a wholly-owned subsidiary of Owens-Illinois, intends to sell $450 million of senior secured notes due 2011, non-callable for four years, and $350 million of senior notes due 2013, non-callable for five years.

Proceeds will be used to repurchase $300 million of the company's 7.85% senior notes due 2004 and permanently reduce the revolver of the secured credit facility, which matures March 31, 2004.

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