Benzinga | Nov 9, 2021 10:56AM EST

O-I Glass To Raise $400M Via Debt Offering

* O-I Glass Inc's (NYSE:OI) subsidiary, OI European Group B.V., has launched $400 million of its senior notes due 2030 in a private offering.

* OI Europe's obligations under the senior notes will be guaranteed on a joint and several basis by Owens-Illinois Group, Inc. and certain U.S. domestic subsidiaries of OI Group.

* The company expects to use the net proceeds from the offering, together with cash on hand, to fully redeem OI Europe's 4.000% Senior Notes due 2023 and repay the term loan facility.

* Price Action: OI shares are trading lower by 1.07% at $12.93 on the last check Monday.