Owens-Brockway starts tender for Owens-Illinois 7.85% notes

New York, April 29 - Owens-Brockway Glass Container Inc. said it began the previously announced cash tender offer for all $300 million principal amount of Owens-Illinois, Inc.'s 7.85% senior notes due 2004.

In connection with the tender, Owens-Brockway is also soliciting consents to amend the note indenture to eliminate some covenants and events of default.

Holders who tender will receive $1,045 in cash per $1,000 of notes accepted for payment plus accrued interest up to but excluding the date the notes are accepted.

The offer expires at 11.59 p.m. ET on May 23 unless extended or terminated.

Owens-Brockway Glass Container Inc. is an indirect wholly owned subsidiary of Owens-Illinois.

Deutsche Bank Securities Inc. (800 553-2826) is the dealer manager and solicitation agent and MacKenzie Partners, Inc. (800 322-2885) is the information agent.

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