Owens-Illinois Inc.(OI), the US producer of glass and plastic packaging, is considering an approach to the European high-yield bond market to refinance some of its outstanding debt, sources familiar w…
Owens-Illinois Inc.(OI), the US producer of glass and plastic packaging, is considering an approach to the European high-yield bond market to refinance some of its outstanding debt, sources familiar with the situation said 6 February 2007. A spokesman for Owens-Illinois declined to comment. The company is planning to issue about EUR 300 million in bonds, they said. The new issue would not come to market until March 2007 at the earliest, two of the people said. Owens-Illinois has a USD 300 million bond due in May 2007. BNP Paribas, Citigroup and JPMorgan are said to be close to the mandate to lead manage the transaction, those familiar with the situation said. Owens-Illinois has issued Euro-denominated bonds before. Its subsidiary Owens-Brockway Glass Container Inc. issued EUR 225 million of 6.75% senior notes which mature in 2014.