Simpson Thacher represented the initial purchasers, led by J.P. Morgan Securities LLC, in connection with a 144A/Regulation S offering by Owens-Brockway Glass Container Inc. (the “Issuer”) of $500 million aggregate principal amount of 9.500% Senior Notes due 2033. The notes are guaranteed by Owens-Illinois Group, Inc. (“OI Group”) and by certain of OI Group’s domestic subsidiaries.
The Issuer intends to use the net proceeds from the offering, together with borrowings under its revolving credit facility and cash on hand, to redeem all of the Issuer’s outstanding 6.625% Senior Notes due 2027.
O-I Glass, Inc., the parent company of OI Group, is one of the leading manufacturers of glass containers in the world with 61 glass manufacturing plants in 18 countries.
The Simpson Thacher team included Marisa Stavenas, John O’Connell, Tina Tang, Suzannah Ranzo and Anna Cho (Capital Markets); Jonathan Cantor and Michael Leitner (Tax); Toby Chun and Deepa Sarkar (Environmental); J. Pasco Struhs (Executive Compensation and Employee Benefits); Alexander Franchilli and Margerite Blase (Intellectual Property); and Andrew Pagliughi (Blue Sky).