Owens-Brockway Glass Container tenders for up to $100 million 8 7/8% notes due 2009

By Jennifer Chiou

New York, June 12 - Owens-Brockway Glass Container Inc. announced it began a tender offer for up to $100 million of its 8 7/8% senior secured notes due 2009.

The indirect wholly owned subsidiary of Owens-Illinois, Inc. said the offer will end at 5 p.m. ET on July 11.

Those who tender their notes before 5 p.m. ET on June 23 will receive $1,040 for each $1,000 principal amount of notes, which includes an early tender payment of $30.00 per $1,000 of notes.

The company said it will purchase the notes on a pro rata basis if more than $100 million of the securities is tendered.

Owens-Brockway Glass Container added it intends to finance the tender offer with the proceeds of borrowings under a new $1.7 billion credit facility.

The offer is conditioned upon on the closing of the new credit facility and the availability of sufficient funds under the new credit facility.

Banc of America Securities LLC is the dealer manager (888 292-0070 or call collect 704 388-4813). Global Bondholder Services Corp. is the information agent (866 795-2200 or call collect 212 430-3774).

The Toledo, Ohio, company manufactures and markets packaging products.

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