FOR IMMEDIATE RELEASE
O-I Glass, Inc. (the “Company”) announced that
Owens-Brockway Glass Container Inc. (“OBGC”), an indirect wholly
owned subsidiary of the Company, intends to offer, subject to
market and other conditions, $300 million aggregate principal
amount of its senior notes due 2032 (the “Notes”) in a private
offering (the “Offering”) to eligible purchasers under
Rule 144A and Regulation S of the U.S. Securities Act of 1933,
as amended (the “Securities Act”). OBGC’s obligations under the
Notes will be guaranteed on a joint and several basis by
Owens-Illinois Group, Inc. (“OI Group”) and certain U.S. domestic
subsidiaries of OI Group that are guarantors under OI Group’s
credit agreement.
OBGC expects to use the net proceeds from the Offering, together
with cash on hand, to redeem all of OBGC’s outstanding 6.375%
Senior Notes due 2025 (the “2025 OBGC Notes”).
The Notes and the guarantees have not been registered under the
Securities Act, or applicable state securities laws, and will be
offered only to persons reasonably believed to be qualified
institutional buyers in reliance on Rule 144A under the
Securities Act and to certain non-U.S. persons in transactions
outside the United States in reliance on Regulation S under the
Securities Act. Unless so registered, the Notes and the guarantees
may not be offered or sold in the United States except pursuant to
an exemption from the registration requirements of the Securities
Act and applicable state securities laws. Prospective purchasers
that are qualified institutional buyers are hereby notified that
the seller of the Notes may be relying on the exemption from the
provisions of Section 5 of the Securities Act provided by
Rule 144A.
The information contained in this news release is for
informational purposes only and shall not constitute a notice of
redemption for the 2025 OBGC Notes or an offer to sell or the
solicitation of an offer to buy the 2025 OBGC Notes, the Notes or
the guarantees, nor shall there be any sale of the Notes and the
guarantees in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state.
About O-I Glass
At O-I Glass, Inc. (NYSE: OI), we love glass and we’re proud to
be one of the leading producers of glass bottles and jars around
the globe. Glass is not only beautiful, it’s also pure and
completely recyclable, making it the most sustainable rigid
packaging material. Headquartered in Perrysburg, Ohio (USA), O-I is
the preferred partner for many of the world’s leading food and
beverage brands. We innovate in line with customers’ needs to
create iconic packaging that builds brands around the world. Led by
our diverse team of more than 23,000 people across 68 plants in 19
countries, O-I achieved net sales of $7.1 billion in 2023.
Forward-Looking Statements
This press release contains “forward-looking” statements related
to the Company within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) and Section
27A of the Securities Act. Forward-looking statements reflect the
Company’s current expectations and projections about future events
at the time, and thus involve uncertainty and risk. The words
“believe,” “expect,” “anticipate,” “will,” “could,” “would,”
“should,” “may,” “plan,” “estimate,” “intend,” “predict,”
“potential,” “continue,” and the negatives of these words and other
similar expressions generally identify forward-looking
statements.
It is possible that the Company’s future financial performance
may differ from expectations due to a variety of factors including,
but not limited to the following: (1) the general political,
economic and competitive conditions in markets and countries where
the Company has operations, including uncertainties related to
economic and social conditions, trade disputes, disruptions in the
supply chain, competitive pricing pressures, inflation or
deflation, changes in tax rates and laws, war, civil disturbance or
acts of terrorism, natural disasters, public health issues and
weather, (2) cost and availability of raw materials, labor, energy
and transportation (including impacts related to the current
Ukraine-Russia and Israel-Hamas conflicts and disruptions in supply
of raw materials caused by transportation delays), (3) competitive
pressures from other glass container producers and alternative
forms of packaging or consolidation among competitors and
customers, (4) changes in consumer preferences or customer
inventory management practices, (5) the continuing consolidation of
the Company’s customer base, (6) the Company’s ability to improve
its glass melting technology, known as the modular advanced glass
manufacturing asset (“MAGMA”) program, and implement it within the
timeframe expected, (7) unanticipated supply chain and operational
disruptions, including higher capital spending, (8) seasonality of
customer demand, (9) the failure of the Company’s joint venture
partners to meet their obligations or commit additional capital to
the joint venture, (10) labor shortages, labor cost increases or
strikes, (11) the Company’s ability to acquire or divest
businesses, acquire and expand plants, integrate operations of
acquired businesses and achieve expected benefits from
acquisitions, divestitures or expansions, (12) the Company’s
ability to generate sufficient future cash flows to ensure the
Company’s goodwill is not impaired, (13) any increases in the
underfunded status of the Company’s pension plans, (14) any failure
or disruption of the Company’s information technology, or those of
third parties on which the Company relies, or any cybersecurity or
data privacy incidents affecting the Company or its third-party
service providers, (15) risks related to the Company’s indebtedness
or changes in capital availability or cost, including interest rate
fluctuations and the ability of the Company to generate cash to
service indebtedness and refinance debt on favorable terms, (16)
risks associated with operating in foreign countries, (17) foreign
currency fluctuations relative to the U.S. dollar, (18) changes in
tax laws or U.S. trade policies, (19) the Company’s ability to
comply with various environmental legal requirements, (20) risks
related to recycling and recycled content laws and regulations,
(21) risks related to climate-change and air emissions, including
related laws or regulations and increased environmental, social and
governance scrutiny and changing expectations from stakeholders,
(22) risks related to the Company’s long-term succession planning
process and (23) the other risk factors discussed in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2023 and
any subsequently filed Quarterly Reports on Form 10-Q or the
Company’s other filings with the Securities and Exchange
Commission.
It is not possible to foresee or identify all such factors. Any
forward-looking statements in this press release are based on
certain assumptions and analyses made by the Company in light of
its experience and perception of historical trends, current
conditions, expected future developments, and other factors it
believes are appropriate in the circumstances. Forward-looking
statements are not a guarantee of future performance and actual
results, or developments may differ materially from expectations.
While the Company continually reviews trends and uncertainties
affecting the Company’s results or operations and financial
condition, the Company does not assume any obligation to update or
supplement any particular forward-looking statements contained in
this press release.
SOURCE: O-I Glass, Inc.
- Owens-Brockway Glass Container Inc. Launches $300 Million
Senior Notes Offering
For more information, contact:
Chris Manuel
Vice President of Investor Relations
567-336-2600
Chris.Manuel@o-i.com
OI Glass (NYSE:OI)
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