FOR IMMEDIATE RELEASE
O-I Glass, Inc. (the “Company”) announced that
Owens-Brockway Glass Container Inc. (“OB Glass”), an indirect
wholly owned subsidiary of the Company, has delivered a notice of
partial redemption to holders of OB Glass’s 5.875% senior notes due
2023 (the “Notes”), calling for the redemption of $300,000,000
aggregate principal amount of the Notes. Following the partial
redemption of the Notes, $250,000,000 aggregate principal amount of
the Notes will remain outstanding.
The redemption date will be September 9, 2022. In
accordance with the terms of the Notes and the related indenture
under which the Notes were issued, the 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 Notes and the indenture, and the accrued and unpaid
interest on the Notes up to, but not including, the redemption
date. The Company intends to fund the redemption with cash on
hand.
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.
###
About O-I
At O-I Glass, Inc. (NYSE: OI), we love glass and
we’re proud to be one of the leading producers of glass bottles and
jars around the globe. Glass is not only beautiful, it’s also pure
and completely recyclable, making it the most sustainable rigid
packaging material. Headquartered in Perrysburg, Ohio (USA), O-I is
the preferred partner for many of the world’s leading food and
beverage brands. We innovate in line with customers’ needs to
create iconic packaging that builds brands around the world. Led by
our diverse team of more than 24,000 people across 70 plants in
19 countries, O-I achieved net sales of $6.4 billion in 2021. Learn
more about us: o-i.com / Facebook / Twitter / Instagram / LinkedIn.
The company routinely posts important information on its website –
www.o-i.com/investors.
###
Forward-Looking Statements
This press release contains “forward-looking”
statements related to O-I Glass, Inc. (“O-I” or the “company”)
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, as amended. 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 “achieve,” “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 that the company’s future financial
performance may differ from expectations due to a variety of
factors including, but not limited to the following: (1) the impact
of the COVID-19 pandemic and the various governmental, industry and
consumer actions related thereto, (2) the company’s ability to
obtain the benefits it anticipates from the Corporate
Modernization, (3) 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, and achieving cost savings, (4) 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, (5) the company’s ability to achieve its strategic
plan, (6) the company’s ability to improve its glass melting
technology, known as the MAGMA program, and implement it within the
timeframe expected, (7) foreign currency fluctuations relative to
the U.S. dollar, (8) changes in capital availability or cost,
including interest rate fluctuations and the ability of the company
to refinance debt on favorable terms, (9) the general political,
economic and competitive conditions in markets and countries where
the company has operations, including uncertainties related to
economic and social conditions, disruptions in the supply chain,
competitive pricing pressures, inflation or deflation, changes in
tax rates and laws, war, civil disturbance or acts of terrorism,
natural disasters, and weather, (10) the company’s ability to
generate sufficient future cash flows to ensure the company’s
goodwill is not impaired, (11) consumer preferences for alternative
forms of packaging, (12) cost and availability of raw materials,
labor, energy and transportation (including impacts related to the
current conflict between Russia and Ukraine), (13) consolidation
among competitors and customers, (14) unanticipated expenditures
with respect to data privacy, environmental, safety and health
laws, (15) unanticipated operational disruptions, including higher
capital spending, (16) the company’s ability to further develop its
sales, marketing and product development capabilities, (17) the
failure of the company’s joint venture partners to meet their
obligations or commit additional capital to the joint venture, (18)
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, (19)
changes in U.S. trade policies, (20) risks related to recycling and
recycled content laws and regulations, (21) risks related to
climate-change and air emissions, including related laws or
regulations and the other risk factors discussed in the company's
filings with the Securities and Exchange Commission.
It is not possible to foresee or identify all such
factors. Any forward-looking statements in this document are based
on certain assumptions and analyses made by the company in light of
its experience and perception of historical trends, current
conditions, expected future developments, and other factors it
believes are appropriate in the circumstances. Forward-looking
statements are not a guarantee of future performance and actual
results or developments may differ materially from expectations.
While the company continually reviews trends and uncertainties
affecting the company’s results or operations and financial
condition, the company does not assume any obligation to update or
supplement any particular forward-looking statements contained in
this document.
SOURCE: O-I Glass, Inc.
For further information, please contact:
Chris Manuel
Vice President, Investor Relations
567-336-2600
chris.manuel@o-i.com
- Owens-Brockway Glass Container Inc. Issues Notice of Partial
Redemption of its Outstanding 5.875% Senior Notes due 2023
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