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Owens-Illinois tenders for 7.15% notes, BSN Glasspack tenders for 9¼%, 10¼% notes
New York, Nov. 15 - Owens-Illinois Inc. said it has begun a cash tender offer for any and all of its $350 million 7.15% senior notes due 2005, and its BSN Glasspack SA subsidiary has started a cash tender offer for any and all of the €140 million of 10¼% senior subordinated notes due 2009 issued by BSN Financing Co. SA and any and all of the €160 million of 9¼% senior subordinated notes due 2009 issued by BSN Glasspack Obligation SA.
The companies are also soliciting consents to amend the note indentures to eliminate certain covenants and events of default. Holders who tender will be required to consent and vice versa.
For the 7.15% notes, Owens-Illinois will pay $1,018.55 per $1,000 principal amount to holders who tender by 5 p.m. ET on Nov. 29, including a $15 per $1,000 consent payment. After that date but up to the expiration of 12:01 a.m. ET on Dec. 14, the company will pay $1,003.55 per $1,000 principal amount.
BSN will pay for the 10¼% notes €1,053.75 per €1,000 principal amount to holders who tender by 12 p.m. ET on Nov. 29 and €1,033.75 per €1,000 principal amount after that date up to the expiration of 4 a.m. ET on Dec. 14.
For the 9¼% notes, BSN will pay €1,145.90 per €1,000 principal amount up to 12 p.m. ET on Nov. 29 and €1,125.90 after that date up to the expiration of 4 a.m. ET on Dec. 14.
For all the tenders, the companies will pay accrued interest up to but excluding the payment date.
Goldman, Sachs & Co. (212 357-5680, 877 686-5059 or +44 20 7774 0923) and BNP Paribas Securities Corp. (212 841-3059 or +44 20 7595 8014) are dealer managers. Global Bondholder Services Corp. (866 795-2200) is information agent and tender agent for the 7.15% offer.
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