Owens-Brockway Glass Container Inc. Announces Pricing of Senior Notes Offering
Rhea-AI Summary
O-I Glass (NYSE: OI) subsidiary Owens-Brockway Glass Container Inc. priced a private offering of $500.0 million aggregate principal amount of 9.500% senior notes due 2033 at par, with expected net proceeds of approximately $495.0 million. The offering is expected to close on May 18, 2026.
OBGC intends to use proceeds, together with revolver borrowings and cash, to redeem all outstanding 6.625% Senior Notes due 2027. The notes are guaranteed by Owens-Illinois Group and certain U.S. subsidiaries and are being offered under Rule 144A and Regulation S.
Positive
- Priced $500.0M senior notes due 2033 at par
- Expected net proceeds of $495.0M to fund redemption
- Proceeds intended to redeem 6.625% notes due 2027
- Notes guaranteed by Owens-Illinois Group and U.S. subsidiaries
Negative
- New coupon of 9.500% vs existing 6.625% notes — increase of 287.5 bps
- Notes are unregistered under the Securities Act and offered only under Rule 144A/Reg S
News Market Reaction – OI
In the May 5 session, OI declined 3.42%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Offering Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 16 | Green bond allocation | Positive | +0.4% | Completed allocation of $690M and €600M green bond proceeds to projects. |
| May 13 | Green bond allocation | Positive | +2.3% | Detailed full allocation of second-round green bond funding to sustainability. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Prior offering-related updates around green bonds saw modest positive reactions in the 0.4–2.3% range, suggesting historically muted but constructive responses to financing news.
Recent news has focused on financing and capital allocation. Two prior offering-tagged events in May 2024 detailed full allocation of green bond proceeds totaling $690 million and €600 million toward climate-focused projects and furnace technology. Those announcements produced small positive moves of 0.44% and 2.27%. Today’s senior notes pricing continues the pattern of using debt markets to reposition the capital structure.
Key Terms
senior notes financial
revolving credit facility financial
rule 144a regulatory
regulation s regulatory
qualified institutional buyers financial
forward-looking statements regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
PERRYSBURG, Ohio, May 04, 2026 (GLOBE NEWSWIRE) -- 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, priced a private offering (the “Offering”) of
OBGC expects to use the net proceeds from the Offering, together with borrowings under the Company’s revolving credit facility and cash on hand, to redeem all of OBGC’s outstanding
The Notes and the guarantees have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws, and are being 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 2027 OBGC Notes or an offer to sell or the solicitation of an offer to buy the 2027 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 approximately 19,000 people across 61 plants in 18 countries, O-I achieved net sales of
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,” “target,” “commit” 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 Company’s ability to achieve expected benefits from cost management, efficiency improvements, and profitability initiatives, such as its Fit to Win initiative, including expected impacts from production curtailments, reduction in force and furnace closures, (2) the general credit, financial, political, economic, legal and competitive conditions in markets and countries where the Company has operations, including uncertainties related to economic and social conditions, trade policies and disputes, financial market conditions, disruptions in the supply chain, competitive pricing pressures, inflation or deflation, changes in tax rates, changes in laws or policies, legal proceedings involving the Company, war, civil disturbance or acts of terrorism, natural disasters, public health issues and weather, (3) cost and availability of raw materials, labor, energy and transportation (including impacts related to the current conflicts in the Middle East and between Russia and Ukraine and disruptions in supply of raw materials caused by transportation delays), (4) competitive pressures from other glass container producers and alternative forms of packaging or consolidation among competitors and customers, (5) changes in consumer preferences or customer inventory management practices, (6) the continuing consolidation of the Company’s customer base, (7) risks related to the development, deployment and use of artificial intelligence technologies, (8) the Company’s inability to improve glass melting technology in a cost-effective manner and introduce productivity, process and network optimization actions, (9) unanticipated supply chain and operational disruptions, including higher capital spending, (10) seasonality of customer demand, (11) the failure of the Company’s joint venture partners to meet their obligations or commit additional capital to the joint venture, (12) labor shortages, labor cost increases or strikes, (13) 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, (14) the Company’s ability to generate sufficient future cash flows to ensure the Company’s goodwill is not impaired, (15) any increases in the underfunded status of the Company’s pension plans, (16) 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, (17) 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, (18) risks associated with operating in foreign countries, (19) foreign currency fluctuations relative to the U.S. dollar, (20) changes in tax laws or global trade policies, (21) the Company’s ability to comply with various environmental legal requirements, (22) risks related to recycling and recycled content laws and regulations, (23) risks related to climate-change and air emissions, including related laws or regulations and increased ESG scrutiny and changing expectations from stakeholders and (24) the other risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 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 of 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.
Attachment
For more information, contact: Chris Manuel Vice President of Investor Relations 567-336-2600 Chris.Manuel@o-i.com