Owens-Illinois gets tenders for $611 million 3% exchangeables due 2015

By Susanna Moon

Chicago, Dec. 4 – Owens-Illinois, Inc. said wholly owned subsidiary Owens-Illinois Group, Inc. received tenders for $610,827,000 of Owens-Brockway Glass Container Inc.’s $628.7 million outstanding 3% exchangeable senior notes due 2015.

The tender offer ended at 5 p.m. ET on Dec. 3. The offer began on Nov. 3.

The company accepted all of the tendered notes for purchase and paid $620,142,111.75 to settle the notes on Thursday, according to 8-K filing with the Securities and Exchange Commission.

After settlement, there is $17,873,000 principal amount of the notes outstanding.

As previously announced, the purchase price was $1,015 for each $1,000 principal amount plus accrued interest.

The offer was funded with proceeds of a private offering of $500 million 5% senior notes and $300 million 5.375% senior notes due 2025.

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

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

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

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