Commentary & Deal Flow

O-I Glass Inc (OI) approx US$1.35bn (up from approx US$1.05bn) equivalent (US$/EUR) 144A/Reg S green sr notes 2-part. No reg rights.

- Owens-Brockway Glass Container Inc US$700m (up from 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.

Launched: US$700m at 7.25%.

- OI European Group BV EUR600m (up from 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: 6.50% area.

Launched: EUR600m at 6.25%.

Did investor call at 11am NYT / 4pm UKT yesterday, virtual meetings were also available yesterday. Books still close at 9am NYT / 2pm UKT today. Pricing today NY morning/London afternoon. 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 $308m upsize will be used to refinance US$ 2025 notes, 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.