Owens-Illinois tenders for $628.7 million 3% exchangeables due 2015

By Susanna Moon

Chicago, Nov. 3 – Owens-Illinois, Inc. said wholly owned subsidiary Owens-Illinois Group, Inc. began a cash tender offer for Owens-Brockway Glass Container Inc.’s $628.7 million outstanding 3% exchangeable senior notes due 2015.

The purchase price will be $1,015 for each $1,000 principal amount plus accrued interest.

The tender offer will end at 5 p.m. ET on Dec. 3. Tendered notes may be withdrawn by the end of the offer.

Funding for the offer will come from the proceeds of a proposed private offering of senior notes, cash on hand and/or borrowings under the company’s revolving credit facility.

The tender offer is not conditioned upon obtaining financing or upon the tender of a minimum amount of notes.

Deutsche Bank Securities (844 758-6740) is the dealer manager. Global Bondholder Services Corp. (866 807-2200) is the tender agent and information agent.

Owens-Illinois is a Perrysburg, Ohio-based glass container maker.

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