Owens-Brockway Glass Container Inc. Announces Results to Date of its Partial Tender Offer for its 8-7/8% Senior Secured Notes D
June 26 2006 - 7:59AM
PR Newswire (US)
TOLEDO, Ohio, June 26 /PRNewswire-FirstCall/ -- Owens-Brockway
Glass Container Inc., an indirect wholly owned subsidiary of
Owens-Illinois, Inc. (NYSE:OI), today announced that, as of 5:00
p.m., New York City time, on Friday, June 23, 2006 (the "Early
Tender Date"), a total of approximately $826.9 million in aggregate
principal amount of its 8-7/8% Senior Secured Notes due 2009 (the
"Notes") have been tendered pursuant to its tender offer for up to
$100 million principal amount of Notes. Based on the results to
date, the amount of Notes that will be purchased will be prorated
based on the aggregate principal amount of Notes validly tendered
in the tender offer. Holders who validly tendered their Notes prior
to 5:00 p.m., New York City time, on Friday, June 23, 2006, unless
extended or earlier terminated, will be entitled to receive $1,040,
payable in cash, for each $1,000 principal amount of Notes accepted
for payment, which amount includes an early tender payment of $30
per $1,000 of Notes accepted for payment. Holders who validly
tender their Notes after such time but prior to the Expiration Date
(defined below) will receive $1,010 per $1,000 principal amount of
Notes accepted for purchase. Accrued and unpaid interest up to, but
not including, the settlement date will be paid in cash on all
validly tendered and accepted Notes. The settlement date will be
promptly after the Expiration Date and is expected to be on or
about July 12, 2006. The tender offer will expire at 5:00 p.m., New
York City time, on Tuesday, July 11, 2006, unless extended or
earlier terminated by Owens-Brockway Glass Container Inc. (the
"Expiration Date"). Withdrawal rights with respect to tendered
Notes have expired. Accordingly, holders may not withdraw any Notes
previously or hereafter tendered, except as contemplated in the
offer. Notwithstanding any other provision of the offer,
Owens-Brockway Glass Container Inc.'s obligation to accept for
purchase, and to pay for, securities validly tendered pursuant to
the offer is conditioned upon satisfaction or waiver of the
conditions set forth in the offer, including the availability of
sufficient funds under the new credit facility to pay the
consideration described above. Owens-Brockway Glass Container Inc.,
in its sole discretion, may waive any of the conditions of the
offer in whole or in part, at any time or from time to time. The
terms and conditions of the tender offer, including Owens-Brockway
Glass Container Inc.'s obligation to accept the Notes tendered and
pay the purchase price therefor, are set forth in Owens-Brockway
Glass Container Inc.'s Offer to Purchase dated June 12, 2006.
Owens-Brockway Glass Container Inc. may amend, extend or, subject
to certain conditions, terminate the tender offer. Owens-Brockway
Glass Container Inc. has retained Banc of America Securities LLC as
the exclusive dealer manager in connection with the tender offer.
Questions regarding the tender offer and requests for documents may
be directed to Banc of America Securities LLC, High Yield Special
Products, at (888) 292-0070 (U.S. toll-free) and (704) 388-4813
(collect). Copies of the offer to purchase can also be obtained
from the information agent, Global Bondholder Services Corporation
at (866) 795-2200 (U.S. toll-free) and (212) 430-3774 (collect).
This press release 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 June 12, 2006. This news
release contains "forward looking" statements within the meaning of
Section 21E of the Securities Exchange Act of 1934 and Section 27A
of the Securities Act of 1933. Any forward looking statements in
this news release are based on certain assumptions and expectations
made by Owens-Brockway Glass Container Inc. 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. Copies of this press release as well as other O-I
news releases are available at the O-I Web site at
http://www.o-i.com/ or at http://www.prnewswire.com/. DATASOURCE:
Owens-Illinois, Inc. CONTACT: CONTACT: Kelley Yoder of
Owens-Illinois, Inc., +1-419-247-1388 Web site: http://www.o-i.com/
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