Owens-Illinois secures $225 million sustainable improvement loan

By Sarah Lizee

Olympia, Wash., Oct. 15 – Owens-Illinois, Inc. secured a $225 million bank loan with a sustainability-linked pricing mechanism, according to a press release.

The loan will be issued to OI European Group BV, a wholly owned subsidiary of Owens-Illinois, and proceeds will be used to retire existing bank debt.

Funding will be provided by Bank of America, which also will act as sustainability coordinator.

The interest rate on the loan is indexed to Owens-Illinois’ overall environmental, social and governance (ESG) score as rated by Sustainalytics.

Improvements in the score will reduce the interest rate under the bank loan.

Owens-Illinois is a Perrysburg, Ohio-based glass container maker.

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