Owens-Brockway greenshoe exercised for $90 million in exchangeables

By Devika Patel

Knoxville, Tenn., May 21 - Underwriters for Owens-Brockway Glass Container Inc.'s $600 million offering of 7 3/8% seven-year senior notes exercised their over-allotment option in full for $90 million of the company's 3% exchangeable senior notes due June 1, 2015, the company said in an 8-K filed Friday with the Securities and Exchange Commission.

As previously reported, the company sold the 7 3/8% notes at 96.724 to yield 8% in a Rule 144A and Regulation S offering on May 7 via joint bookrunners J.P. Morgan Securities Inc., Bank of America Merrill Lynch and Deutsche Bank Securities Inc.

Proceeds will be used to take out Owens-Illinois, Inc.'s $250 million of 7½% senior debentures due May 15, 2010 and for general corporate purposes.

The issuer is based in Perrysburg, Ohio.

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