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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; [email protected]

Stock News for Owens Illinois (OI)
02/14/201714:39:54Statement of Ownership (sc 13g)
02/10/201713:39:21Amended Statement of Ownership (sc 13g/a)
02/10/201706:43:22Annual Report (10-k)
02/01/201716:46:43Current Report Filing (8-k)
02/01/201716:30:31O-I REPORTS FULL YEAR AND FOURTH QUARTER 2016 RESULTS; Entering...
01/30/201715:44:18Statement of Ownership (sc 13g)
01/05/201716:20:10O-I Announces Fourth Quarter and Full Year 2016 Earnings Conference...
01/05/201712:23:42Initial Statement of Beneficial Ownership (3)
01/04/201717:22:44Amended Statement of Beneficial Ownership (sc 13d/a)
12/20/201617:01:17Current Report Filing (8-k)
12/20/201616:30:17O-I Continues to Build Momentum on Its Transformational Journey
12/12/201613:26:26Amended Statement of Ownership (sc 13g/a)
11/29/201618:21:00Mid-America Apartment Communities, AmSurg to Join S&P 500; Others...
11/29/201606:52:23Current Report Filing (8-k)
11/21/201616:20:27O-I CFO to Present at the Citi 2016 Basic Materials Conference
11/03/201616:46:46Current Report Filing (8-k)
10/27/201600:30:23Owens-Illinois, Inc.: OI European Group B.V. Launches Private...
10/26/201616:48:06Quarterly Report (10-q)
10/25/201616:40:03Current Report Filing (8-k)
10/25/201616:30:27O-I REPORTS THIRD QUARTER 2016 RESULTS; Steady improvement in...

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