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Owens-Illinois Refinancing Debt With $2 Billion Bank Credit Agreement

DOW JONES NEWSWIRES Owens-Illinois Inc. (OI) is refinancing its debt, using a new $2 billion bank credit agreement to redeem more expensive fixed rate bonds and other borrowings. Chief Financial Officer Ed White said the current favorability of credit markets "presented an ideal opportunity" to refinance. The glass-container maker said it expects a lower interest expense this year thanks to the refinancing, though its total debt outstanding should stay roughly the same. Owens-Illinois estimated this year's net interest expense would be $280 million at current foreign currency rates and debt levels, excluding the impact of redemption premiums and the write-off of finance fees. The new agreement includes $1.1 billion in term loans and a $900 million revolving credit facility. The company plans to use proceeds from the new borrowings to repay and end its 2006 credit agreement maturing next year as well as to redeem 6.75% senior notes due 2014. The company--which makes containers for beverages in 21 countries--in its latest quarterly results posted higher revenue, and though profit slipped on higher costs such as inflation, it's bottom line did better than expected. It had been reporting falling revenue and margins of late, with demand up globally for wine, food and spirits but sluggish for beer bottles in more mature markets. Owens-Illinois shares closed Monday down 2.3%, at $31.10, in the midst of a wide market downturn, and they weren't active after hours. -By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com

Stock News for Owens Illinois (OI)
DateTimeHeadline
03/19/201508:14:36Current Report Filing (8-k)
03/19/201508:08:39Chief Financial Officer Steve Bramlage to leave O-I; John Haudrich...
03/16/201512:28:58Statement of Changes in Beneficial Ownership (4)
03/12/201516:27:52Current Report Filing (8-k)
03/12/201508:48:17O-I prevails in international arbitration against Venezuela
03/03/201507:42:01Current Report Filing (8-k)
02/20/201516:23:19Statement of Changes in Beneficial Ownership (4)
02/18/201516:05:49O-I CFO to Present at 2015 J.P. Morgan Aviation, Transportation...
02/11/201511:53:05Amended Statement of Ownership (sc 13g/a)
02/11/201506:02:15Current Report Filing (8-k)
02/09/201506:02:54Amended Statement of Ownership (sc 13g/a)
02/04/201516:45:50O-I Enters into Agreement to Repurchase $100M of Common Stock
02/02/201516:15:40Current Report Filing (8-k)
02/02/201516:05:53O-I REPORTS FULL YEAR AND FOURTH QUARTER 2014 RESULTS: O-I generates...
01/20/201508:01:44O-I Names Vitaliano Torno as Leader of European Operations
01/16/201509:02:01Annual Statement of Changes in Beneficial Ownership (5)
01/16/201509:02:01Annual Statement of Changes in Beneficial Ownership (5)
01/16/201509:02:01Annual Statement of Changes in Beneficial Ownership (5)
01/07/201516:05:49O-I ANNOUNCES FOURTH QUARTER AND FULL YEAR 2014 EARNINGS CONFERENCE...
12/23/201416:50:39Current Report Filing (8-k)

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