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O-I Glass, Inc. (the "Company") announced that OI European Group B.V. ("OIEG"), an indirect wholly owned subsidiary of the Company, intends to offer, subject to market and other conditions, €400 million aggregate principal amount of its senior notes due 2029 (the "Notes") in a private offering (the "Offering") to eligible purchasers under Rule 144A and Regulation S of the U.S. Securities Act of 1933, as amended (the "Securities Act"). OIEG's obligations under the Notes will be guaranteed on a joint and several basis by Owens Illinois Group, Inc. ("OI Group") and certain U.S. domestic subsidiaries of OI Group that are guarantors under OI Group's credit agreement.
OIEG expects to use the net proceeds received from this Offering, together with cash on hand, to purchase any and all of its outstanding 2.875% Senior Notes due 2025 (the "2025 Notes"), of which €500 million aggregate principal amount (approximately $539 million based on the March 29, 2024 (the last business day in March 2024) exchange rate of €1.00 = $1.0777) are currently outstanding, pursuant to a tender offer for any and all of the 2025 Notes (the "2025 Notes Tender Offer"). After the expiration of the 2025 Notes Tender Offer, OIEG may, subject to applicable federal securities laws, use any net proceeds from this Offering not used to fund the 2025 Notes Tender Offer to fund one or more redemptions of the 2025 Notes not acquired in the 2025 Notes Tender Offer, purchase such 2025 Notes through open market purchases or privately negotiated transactions, satisfy and discharge the indenture governing the 2025 Notes or repay such 2025 Notes at maturity. Any net proceeds received from this Offering not used to fund the 2025 Notes Tender Offer or any such redemption, repurchase or repayment of the 2025 Notes may be used for general corporate purposes.
Posted In: OI
