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
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.