Related Parents
by Stephen Carter
May 11, 2023 3:49 PM ET
O-I Glass Inc (OI) approx US$1.05bn equivalent (US$/EUR) 144A/Reg S green sr notes 2-part. No reg rights.
- Owens-Brockway Glass Container Inc US$500m sr notes due 2031 (8y). NC3 (MWC) (50%,25% par). Equity claw: 3y 40%. B2/B+ (stable/stable). Via WFS (B&D)/JPM/CA (lead structuring agent) jt glocos/BNP/BofA/DB/GS/Mizuho/Rabo/Scotia jt books. IPT: mid-high 7s. Px talk: 7.375% area.
- OI European Group BV EUR500m sr notes due 2028 (5y). NC2 (MWC B+50bp) (50%,25%,par). Equity claw: 2y 40%. Ba3/BB- (stable/stable). Via JPM (B&D)/WFS/CA (lead structuring agent) jt glocos/BNP/BofA/DB/GS/Mizuho/Rabo/Scotia jt books. List ISE. NY law. IPT: mid-high 6s. Px talk will be out tomorrow UK morning.
Did investor call at 11am NYT / 4pm UKT today, virtual meetings were also available today. US$ books close at 9am tomorrow. Pricing tomorrow. 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), and 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.