05/12/2023 O-I Glass Inc (OI) approx US$1.34bn (down from approx US$1.35bn, up from approx US$1.05bn) equivalent (US$/EUR) 144A/Reg S green sr notes 2-part. No reg rights. Settles 05/25 (T+9).
- Owens-Brockway Glass Container Inc
US$690m (down from US$700m, up from US$500m) sr notes due 05/15/31 (8y). NC3 (MWC T+50bp), then at 103.625, 101.813, 100. Equity claw: 3y 40% at 107.25. B2/B+ (stable/stable). Via WFS (B&D)/JPM/CA (lead structuring agent) jt glocos/BNP/BofA/DB/GS/Mizuho/Rabo/Scotia jt books. 144A CUSIP: 69073TAU7. IPT: mid-high 7s. Px talk: 7.375% area. Launched: US$700m at 7.25%. Priced: 7.25% at 100. +388bp vs 1.625% 05/15/31.
- OI European Group BV EUR600m (up from EUR500m) sr notes due 05/15/28 (5y). NC2 (MWC B+50bp), then at 103.125, 101.563, 100. Equity claw: 2y 40% at 106.25. Ba3/BB- (stable/stable). Via JPM (B&D)/WFS/CA (lead structuring agent) jt glocos/BNP/BofA/DB/GS/Mizuho/Rabo/Scotia jt books. List ISE. NY law. Reg S ISIN: XS2624554320 IPT: mid-high 6s. Px talk: 6.50% area. Launched: EUR600m at 6.25%. Priced: 6.25% at 100. +408bp vs DBR 4.75% 07/04/28.
Did investor call at 11am NYT / 4pm UKT 05/11, virtual meetings were also available 05/11. Books closed at 9am NYT / 2pm UKT 05/12. UOP: US$ notes to fund the tender offer for Owens-Brockway Glass Containers' $250m 5.875% sr notes due 2023 (fixed spread T+50bp, WFS dealer manager); EUR and remaining US$ notes and cash on hand to fund the tender offer for OI European Group's EUR725m 3.125% sr notes due 2024 (total consideration EUR1,000, JPM dealer manager), the approx $308m upsize will be used to refinance Owens-Brockway US$300m 5.375% sr notes due 01/15/25 (MWC T+50bp), the proceeds will also be used to finance and/or refinance new and/or existing Eligible Green Projects. Biz: the issuers are subs of O-I Glass Inc, a maker of glass bottles and jars. HQ: Perrysburg, OH.