Owens-Illinois Group, Inc. (the “Company”) announced that its
wholly-owned subsidiary, OI European Group B.V. (“OI Europe”), has
delivered (i) a notice of redemption to holders of OI Europe’s
outstanding 6.75% senior notes due 2020 (the “2020 Notes”) calling
for the redemption of the remaining €250 million aggregate
principal amount of outstanding 2020 Notes and (ii) a notice of
partial redemption to holders of OI Europe’s outstanding 4.875%
senior notes due 2021 (the “2021 Notes” and, together with the 2020
Notes, the “Notes”) calling for the redemption of €212 million
aggregate principal amount of the outstanding 2021 Notes. Following
the partial redemption of the 2021 Notes, €118 million aggregate
principal amount of the 2021 Notes will remain outstanding.
The redemption date for each redemption will be November 22,
2019. In accordance with the terms of the Notes and the related
indentures under which the Notes were issued, each series of Notes
will be redeemed at a price equal to the sum of the principal
amount of the Notes to be redeemed, the applicable premium
calculated in accordance with the terms of the applicable Notes and
the related indenture, and the accrued and unpaid interest on the
applicable Notes up to, but not including, the redemption date. The
Company intends to fund each redemption with proceeds from the
previously announced offering by OI Europe of €500 million
aggregate principal amount of 2.875% senior notes due 2025.
Questions relating to the notices of redemption
and related materials should be directed to Deutsche Bank AG,
London Branch, in its capacity as paying agent for the redemptions
of the Notes (the “Paying Agent”), at tss-gds.row@db.com. The
address of the Paying Agent is Winchester House, 1 Great Winchester
Street, London EC2N 2DB, UK.
This news release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any security and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale would be unlawful.
This announcement contains inside information by
the Company and OI Europe under Regulation (EU) 596/2014
(16 April 2014).
###
About O-I
At Owens-Illinois, Inc. (NYSE: OI), we love
glass and we’re proud to make more of it than any other glass
bottle or jar producer in the world. We love that it’s beautiful,
pure and completely recyclable. With global headquarters in
Perrysburg, Ohio, we are the preferred partner for many of the
world’s leading food and beverage brands. Working hand and hand
with our customers, we give our passion and expertise to make their
bottles iconic and help build their brands around the world. With
more than 26,500 people at 78 plants in 23 countries, O-I has a
global impact, achieving revenues of $6.9 billion in 2018. For more
information, visit o-i.com.
###
Forward-Looking Statements
This press release contains “forward-looking” statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”) and Section 27A of the Securities
Act of 1933. Forward-looking statements reflect the Company’s
current expectations and projections about future events at the
time, and thus involve uncertainty and risk. The words “believe,”
“expect,” “anticipate,” “will,” “could,” “would,” “should,” “may,”
“plan,” “estimate,” “intend,” “predict,” “potential,” “continue,”
and the negatives of these words and other similar expressions
generally identify forward-looking statements.
It is possible the Company’s future financial performance may
differ from expectations due to a variety of factors including, but
not limited to the following: (1) foreign currency fluctuations
relative to the U.S. dollar, (2) changes in capital availability or
cost, including interest rate fluctuations and the ability of the
Company to refinance debt at favorable terms, (3) the general
political, economic and competitive conditions in markets and
countries where the Company has operations, including uncertainties
related to Brexit, economic and social conditions,
disruptions in the supply chain, competitive pricing pressures,
inflation or deflation, and changes in tax rates and laws, (4) the
Company’s ability to generate sufficient future cash flows to
ensure the Company’s goodwill is not impaired, (5) consumer
preferences for alternative forms of packaging, (6) cost and
availability of raw materials, labor, energy and transportation,
(7) the Company’s ability to manage its cost structure, including
its success in implementing restructuring or other plans aimed at
improving the Company’s operating efficiency and working capital
management, achieving cost savings, and remaining well-positioned
to address the Company’s legacy liabilities, (8) consolidation
among competitors and customers, (9) the Company’s ability to
acquire or divest businesses, acquire and expand plants, integrate
operations of acquired businesses and achieve expected benefits
from acquisitions, divestitures or expansions, (10) unanticipated
expenditures with respect to data privacy, environmental, safety
and health laws, (11) unanticipated operational disruptions,
including higher capital spending, (12) the Company’s ability to
further develop its sales, marketing and product development
capabilities, (13) the failure of the Company’s joint venture
partners to meet their obligations or commit additional capital to
the joint venture, (14) the ability of the Company and the third
parties on which it relies for information technology system
support to prevent and detect security breaches related to
cybersecurity and data privacy, (15) changes in U.S. trade
policies, (16) the Company’s ability to achieve its strategic plan,
and the other risk factors discussed in the Company’s Annual Report
on Form 10-K for the year ended December 31, 2018 and any
subsequently filed Quarterly Reports on Form 10-Q or the Company’s
other filings with the Securities and Exchange Commission.
SOURCE: Owens-Illinois Group, Inc.
For further information, please contact:
Chris ManuelVice President, Investor
Relations567-336-2600chris.manuel@o-i.com
- OI European Group B.V. Issues Notice of Full Redemption for
6.75% Senior Notes due 2020 and Notice of Partial Redemption for
4.875% Senior Notes due 2021
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