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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
06/29/201517:18:04Annual Report of Employee Stock Plans (11-k)
06/29/201517:17:13Annual Report of Employee Stock Plans (11-k)
06/17/201517:06:23Cachaça Yaguara winner of the 2015 WorldStar Awards: O-I bottle...
06/17/201513:21:57Statement of Changes in Beneficial Ownership (4)
06/16/201513:33:08Corona Brewer Expands From Beer to Bottles
06/10/201507:31:53Current Report Filing (8-k)
06/09/201515:59:44Statement of Changes in Beneficial Ownership (4)
06/03/201516:05:00O-I Acting CFO to Present at 2015 Macquarie Global Metals, Mining...
06/01/201516:48:25Specialized Disclosure Report (sd)
05/29/201508:31:08Sergio Galindo Named President of O-I North America and Tim Connors...
05/20/201512:15:10What Is the S&P 500 Index?
05/15/201514:30:20Statement of Changes in Beneficial Ownership (4)
05/15/201514:30:20Statement of Changes in Beneficial Ownership (4)
05/15/201514:30:20Statement of Changes in Beneficial Ownership (4)
05/15/201514:30:20Statement of Changes in Beneficial Ownership (4)
05/15/201514:30:20Statement of Changes in Beneficial Ownership (4)
05/15/201514:30:20Statement of Changes in Beneficial Ownership (4)
05/15/201514:29:52Statement of Changes in Beneficial Ownership (4)
05/15/201514:29:52Statement of Changes in Beneficial Ownership (4)
05/15/201514:29:52Statement of Changes in Beneficial Ownership (4)

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