By Paul A. Harris
Portland, Ore., Nov. 8 – O-I Glass, Inc. indirect wholly owned subsidiary OI European Group BV priced a $400 million issue of 8.25-year senior notes (B1/B+) at par to yield 4¾% in a Monday drive-by, according to market sources.
The yield printed in the middle of yield talk in the 4¾% area. Initial guidance was in the high 4% area.
Deutsche Bank Securities Inc. managed the notes.
Proceeds plus cash on hand will be used to pay off OI Europe’s 4% senior notes due 2023 and pay down its term loan A.
O-I Glass is a Perrysburg, Ohio-based glass bottle and jar producer. The issuer is based in Schiedam, the Netherlands.
| Issuer: | OI European Group BV
|
| Amount: | $400 million
|
| Maturity: | Feb. 15, 2030
|
| Securities: | Senior notes
|
| Lead: | Deutsche Bank Securities Inc.
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Spread: | 334 bps
|
| Call protection: | Three years
|
| Trade date: | Nov. 8
|
| Ratings: | Moody's: B1
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4¾% area
|
| Marketing: | Roadshow
|
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