Moody’s gives OI European notes Ba3

Moody’s Investors Service said it assigned a Ba3 rating to the senior unsecured notes offered by OI European Group BV, a subsidiary of Owens-Illinois Inc.

Proceeds will be used to repay the remaining portion of the 2020 unsecured notes sold at OI European Group B.V. and repay borrowings under the bank credit facility.

Moody’s said the offering is credit neutral because total debt remains the same, but the refinancing will mean lower interest, more free cash flow and a longer maturity profile.

Owens-Illinois’ ratings will not be affected by the offering, the agency said.

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