Owens-Brockway Glass Container gets tenders for $826.9 million 8 7/8% notes due 2009 at early deadline

By Jennifer Chiou

New York, June 26 - Owens-Brockway Glass Container Inc. announced it received tenders for $826.9 million of notes in a tender offer for up to $100 million of its 8 7/8% senior secured notes due 2009 at the early deadline of 5 p.m. ET on June 23.

The company said it plans to accept notes on a prorated basis.

The indirect wholly owned subsidiary of Owens-Illinois, Inc. said the offer will end at 5 p.m. ET on July 11. It began on June 12.

Those who tendered their notes before the early tender date will receive $1,040 for each $1,000 principal amount of notes, which includes an early tender payment of $30.00 per $1,000 of notes.

Owens-Brockway Glass Container added it intends to finance the tender offer with the proceeds of borrowings under a new $1.7 billion credit facility.

The offer is conditioned upon on the closing of the new credit facility and the availability of sufficient funds under the new credit facility.

Banc of America Securities LLC is the dealer manager (888 292-0070 or call collect 704 388-4813). Global Bondholder Services Corp. is the information agent (866 795-2200 or call collect 212 430-3774).

The Toledo, Ohio, company manufactures and markets packaging products.

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