Owens-Brockway, OI European give results of three tender offers

By Marisa Wong

Los Angeles, May 24 – O-I Glass, Inc. announced that Owens-Brockway Glass Container Inc. and OI European Group BV have issued results of their offers to purchase for cash any and all of their outstanding securities.

Under the offer launched on May 11, Owens-Brockway offered to purchase any and all of its $250 million outstanding 5 7/8% senior notes due 2023 (Cusip: 69073TAR4, U68337AK7). Holders had tendered a total of $141,978,000 of the 2023 notes for purchase at $999.73 per $1,000 principal amount, with the purchase price calculated based on the 1/8% U.S. Treasury due Aug. 15, 2023 and a fixed spread of 50 basis points. The aggregate amount tendered excludes $2,536,000 tendered under guaranteed delivery procedures.

Under the offer that began on May 15, Owens-Brockway offered to purchase any and all of its $300 million outstanding 5 3/8% senior notes due 2025 (Cusips: 690872AB2, U6S19GAC1). Holders had tendered a total of $282,819,000 of the notes for purchase at a fixed total consideration of $1,010 per $1,000 principal amount. The aggregate amount tendered excludes $816,000 tendered under guaranteed delivery procedures.

Under the concurrent offer that also began on May 11, OI European offered to purchase any and all of its €725 million outstanding 3 1/8% senior notes due 2024 (ISIN: XS1405766038, XS1405765907). Holders had tendered €666,744,000 of the notes for purchase at a fixed total consideration of €1,000 per €1,000 principal amount.

Pricing for the dollar notes offer was determined at 2 p.m. ET on May 23.

All of the offers expired at 5 p.m. ET on May 23, which was also the withdrawal deadline.

The guaranteed delivery date across all offers is 5 p.m. ET on May 25.

Settlement is expected to occur on May 26.

The tender offers were launched in connection with Owens-Brockway’s offering of new dollar-denominated senior notes and OI European’s 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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