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Owens-Brockway prices tender offer for $250 million 2023 notes
By Wendy Van Sickle
Columbus, Ohio, May 23 – O-I Glass, Inc. announced that Owens-Brockway Glass Container Inc. priced its offer to purchase any and all of its $250 million outstanding 5 7/8% senior notes due 2023 (Cusip: 69073TAR4, U68337AK7), according to a news release.
The company is offering to purchase the notes for a total consideration per $1,000 principal amount of $999.73, based on the 1/8% U.S. Treasury due Aug. 15, 2023 and a fixed spread of 50 basis points.
Pricing was determined at 2 p.m. ET on May 23.
The offer was announced on May 11, along with an offer by OI European Group BV to purchase any and all of its €725 million outstanding 3 1/8% senior notes due 2024 (ISIN: XS1405766038, XS1405765907) for a total consideration of €1,000 per €1,000 principal amount.
Both offers will expire at 5 p.m. ET on May 23, which is also the withdrawal deadline.
The guaranteed delivery date for both offers is 5 p.m. ET on May 25.
Settlement is expected to occur on May 26.
The tender offers are being made in connection with Owens-Brockway’s proposed offering of new dollar-denominated senior notes and OI European’s planned offering of new euro-denominated senior notes, proceeds of which will be used to finance the dollar notes tender offer and euro notes tender offer, respectively. Each tender offer is conditioned on completion of the related new notes offering.
Wells Fargo Securities, LLC (866 309-6316 or 704 410-4759; liabilitymanagement@wellsfargo.com) is dealer manager for the dollar notes offer, and J.P. Morgan SE (+44 20 7134 4353; liability_management_EMEA@jpmorgan.com) is dealer manager for the euro notes offer.
D.F. King (800 714-3306, 212 269-5550 or +44 20 7920 9700; owens@dfking.com; www.dfking.com/owens-brockway) is the information agent and tender agent.
O-I Glass is a Perrysburg, Ohio-based producer of glass bottles and jars.
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