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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;

Stock News for Owens Illinois (OI)
05/26/201616:14:43Owens-Illinois, Inc.: O-I Announces Two New Board Members and...
05/26/201616:12:56Current Report Filing (8-k)
05/13/201607:56:17Additional Proxy Soliciting Materials (definitive) (defa14a)
05/13/201607:17:03Quarterly Report (10-q)
05/13/201606:55:32Amended Annual Report (10-k/a)
05/11/201606:37:54Notification That Quarterly Report Will Be Submitted Late (nt...
05/10/201617:30:13Current Report Filing (8-k)
05/10/201617:15:11Additional Proxy Soliciting Materials (definitive) (defa14a)
05/10/201616:30:18O-I Announces Intent to Adjourn Annual Meeting Of Share Owners;...
05/04/201609:10:00U.S. Trade Deficit Narrowed in March
05/02/201616:44:52Current Report Filing (8-k)
05/02/201616:30:24O-I REPORTS FIRST QUARTER 2016 RESULTS; Operations improve; Acquisition...
04/08/201610:34:12Amended Statement of Ownership (sc 13g/a)
04/06/201617:01:42Owens-Illinois, Inc.: O-I Provides Update on Arbitration Against...
04/05/201623:04:00O-I Announces First Quarter 2016 Earnings Conference Call and...
04/05/201616:20:53O-I Announces First Quarter 2016 Earnings Conference Call and...
04/01/201606:45:03Proxy Statement (definitive) (def 14a)
03/08/201615:27:30Statement of Changes in Beneficial Ownership (4)
03/01/201608:09:32Current Report Filing (8-k)
02/25/201607:50:56Statement of Changes in Beneficial Ownership (4)

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