Commentary & Deal Flow

OI European Group BV (O-I Glass Inc - Owens Illinois) (OI) EUR500m (up from EUR400m) 144A/Reg S sr notes due 06/01/29 (5y). NC2 (MWC B+50bp), then at 102.625, 101.313, 100. Equity claw: 2y 40% at 105.25. 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. Settles 05/28. Reg S ISIN: XS2825597656. IPT: mid 5s. Px talk: 5.375% area (+/- 0.125%). EUR100m upsize to repurchase any and all of its 2.875% sr notes in the tender offer, and for GCP (replacing the use of cash on hand). Final terms: EUR500m at 5.25%.

Priced: 5.25% at 100. +285bp vs 0.0% DBR 08/15/29.

Did investor call at 10am UKT today (1-on-1s also available). Books closed at 3:30pm UKT today. Reconfirms were due by 4pm UKT today.  UOP: to fund the tender offer for its EUR500m 2.875% sr notes due 02/15/25 (total consideration EUR992.50, BNP dealer manager) (EUR100m upsize replaces the use of US$109m cash on hand). Biz: a leading global producer of glass bottles and jars. HQ: Perrysburg, OH. Note: O-I, through its subsidiary Owens-Brockway Glass Container Inc, is currently considering, subject to market conditions, a potential private offering of US$-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).