Commentary & Deal Flow

OI European Group BV (O-I Glass Inc - Owens Illinois) (OI) EUR400m 144A/Reg S sr notes due 06/01/29 (5y). NC2 (50%,25%,par). Equity claw: 2y 40%. Ba3/BB- (stable/positive). Via BNP (B&D)/Mizuho/BofA/GS/Scotia/CA/HSBC/JPM/Rabo/WFS jt books. No reg rights. List ISE. NY law. IPT: mid 5s.

Px talk: 5.375% area (+/- 0.125%).

Did investor call at 10am UKT today (1-on-1s also available). Books close at 3:30pm UKT today. Pricing today UK afternoon. UOP: along with US$109m cash on hand, to fund the tender offer for its EUR500m 2.875% sr notes due 02/15/25 (total consideration EUR992.50, BNP dealer manager). Biz: a leading global producer of glass bottles and jars. HQ: Perrysburg, OH. Note: O-I, through its subsidiary Owens-Brockway Glass Container Inc, is currently considering, subject to market conditions, a potential private offering of US$-denominated sr unsec notes to address upcoming maturities (Owens-Brockway has upcoming notes of $17m 5.375% sr notes due Jan 2025 and $300m 6.375% sr notes due Aug 2025).