O-I seeks $2B in loans to refinance bank debt

4/20/2011

Owens-Illinois Inc., a Perrysburg company that is the world’s biggest manufacturer of glass bottles, is seeking $2 billion in loans to refinance bank debt.

The financing will include a $900 million multicurrency revolving line of credit due in 2016 and as much as $1.1 billion of term loans, including a $400 million delayed-draw tranche, according to a report by Moody’s Investors Service.

The debt, graded Baa2, will be raised by Owens-Brockway Glass Container Inc. and O-I’s European, Australian, and Canadian units, the report said.