Owens-Illinois, Inc. Commences Tender Offer for Its $250,000,000 7 1/2% Senior Debentures due 2010
May 14 2009 - 8:00AM
PR Newswire (US)
PERRYSBURG, Ohio, May 14 /PRNewswire-USNewswire/ -- Owens-Illinois,
Inc. ("Owens-Illinois") (NYSE:OI) announced that it has commenced a
cash tender offer for any and all of its outstanding $250,000,000 7
1/2% Senior Debentures due 2010 (the "Notes"). (Logo:
http://www.newscom.com/cgi-bin/prnh/20050412/CLTU028LOGO ) The
tender offer will expire at midnight, New York City time, on June
10, 2009, unless extended or earlier terminated (the "Expiration
Date"). Holders who validly tender and do not validly withdraw
their Notes prior to 5:00 p.m., New York City time, on May 27, 2009
(the "Early Tender Date"), unless extended or earlier terminated,
will be entitled to receive $1,040, payable in cash, for each
$1,000 principal amount of Notes validly tendered and accepted for
payment, which amount includes an early tender payment of $10.00
per $1,000 of Notes validly tendered and accepted for payment.
Holders who validly tender their Notes after the Early Tender Date
but prior to the Expiration Date will receive $1,030 per $1,000
principal amount of Notes accepted for purchase but will not
receive the early tender payment. Accrued and unpaid interest up
to, but not including, the settlement date will be paid in cash on
all validly tendered and accepted Notes and, except in certain
limited circumstances where additional withdrawal rights are
required by law, Notes tendered after the Early Tender Date may not
be withdrawn. The settlement date will be promptly after the
Expiration Date and, assuming the offer is not extended or earlier
terminated, is expected to be on or about June 11, 2009 or promptly
thereafter. The terms and conditions of the tender offer, including
Owens-Illinois' obligation to accept the Notes tendered and pay the
purchase price therefore, are set forth in Owens-Illinois' Offer to
Purchase dated May 13, 2009. Owens-Illinois may amend, extend or,
subject to certain conditions, terminate the tender offer.
Owens-Illinois has retained J.P. Morgan Securities Inc., Banc of
America Securities LLC and Deutsche Bank Securities Inc. as dealer
managers in connection with the tender offer. Questions regarding
the tender offer and requests for documents may be directed to J.P.
Morgan Securities Inc. at (800) 245-8812 (U.S. toll-free) and (212)
270-3994 (collect), Banc of America Securities LLC at (888)
292-0070 (U.S. toll-free) and (980) 388-9217 (collect) and to
Deutsche Bank Securities Inc. at (866) 627-0319 (U.S. toll-free)
and (212) 250-2955 (collect). Questions regarding the tender offer
and requests for documents may also be directed to the information
agent, Global Bondholder Services Corporation at (866) 795-2200
(U.S. toll-free) and (212) 430-3774 (collect). This press release
is for informational purposes and shall not constitute an offer to
purchase or a solicitation of an offer to purchase with respect to
any securities. Any such offer or solicitation will be made only by
means of the Offer to Purchase dated May 13, 2009. This news
release contains "forward looking" statements. Any forward looking
statements in this news release are based on certain assumptions
and expectations made by Owens-Illinois in light of its experience
and expectations with respect to future developments and other
factors it believes are appropriate in the circumstances. Forward
looking statements are not a guarantee of future events and actual
results or developments may differ materially from expectations.
http://www.newscom.com/cgi-bin/prnh/20050412/CLTU028LOGO
http://photoarchive.ap.org/ DATASOURCE: Owens-Illinois, Inc.
CONTACT: John Haudrich, +1-567-336-2700, O-I Investor Relations, or
Stephanie Johnston, +1-567-336-7199, O-I Corporate Communication
Web Site: http://www.o-i.com/
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