O-I subsidiaries enter $2 billion credit accord

Subsidiaries of Owens-Illinois Inc. have entered into a five-year, $2 billion credit agreement to refinance debt, the Perrysburg glass bottle maker said this week.

The agreement is for $1.1 billion in term loans and $900 million in revolving credit. Proceeds will be used to refinance a 2006 credit agreement that is to mature this year, as well as to redeem $400 million in senior notes due in 2014.