Owens-Brockway Prices $500M 9.5% 2033 Notes to Fund 2027 Debt Redemption
Owens-Brockway Glass priced a $500 million private offering of 9.500% senior notes due 2033 at par, generating roughly $495 million net proceeds. The company will combine these proceeds with revolving credit borrowings and cash to redeem all of its 6.625% senior notes due 2027.
1. Senior Notes Offering Priced
Owens-Brockway Glass Container Inc., an indirect wholly owned subsidiary of O-I Glass, Inc., priced $500 million aggregate principal amount of 9.500% senior notes due 2033 at par. Net proceeds of approximately $495 million reflect deduction of commissions but exclude offering expenses.
2. Refinancing and Redemption Plan
The subsidiary will use the net proceeds, along with available funds from its revolving credit facility and cash on hand, to redeem all outstanding 6.625% senior notes due 2027, extending the debt maturity profile by six years.
3. Guarantee Structure and Closing
The notes will be unregistered and offered under Rule 144A and Regulation S, and are guaranteed jointly by OI Group and certain U.S. subsidiaries. The offering is expected to close on May 18, 2026, subject to customary closing conditions.