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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)
11/25/201513:56:32Statement of Changes in Beneficial Ownership (4)
11/25/201513:56:31Initial Statement of Beneficial Ownership (3)
11/23/201506:37:22Current Report Filing (8-k)
11/23/201506:30:35Jan Bertsch Joins O-I as Chief Financial Officer
11/20/201506:30:28Owens-Illinois, Inc.: John Haudrich Named Chief Strategy and...
11/05/201518:53:58Statement of Changes in Beneficial Ownership (4)
10/31/201508:15:03Constellation Brands, Inc: Taking on Debt the Old-Fashioned Way
10/28/201517:16:38Quarterly Report (10-q)
10/27/201516:15:53Current Report Filing (8-k)
10/27/201516:05:30O-I REPORTS THIRD QUARTER 2015 RESULTS; Adjusted earnings in...
10/23/201509:24:34O-I donates bottles for unique whisky from historic George Washington...
10/20/201518:40:00Bottle Maker Owens-Illinois Names New CEO
10/20/201516:31:02Owens-Illinois names Lopez as CEO effective Jan. 1
10/20/201516:10:18Andres Lopez Named Chief Executive Officer of O-I
09/22/201516:37:23Amended Current Report Filing (8-k/a)
09/18/201507:15:32Current Report Filing (8-k)
09/14/201516:23:22Statement of Changes in Beneficial Ownership (4)
09/03/201517:09:49Current Report Filing (8-k)
09/01/201517:04:09O-I Completes Acquisition of Vitro's Food and Beverage Business
09/01/201517:00:45O-I culmina la Adquisición del negocio de alimentos y bebidas...

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