O-I Glass Inc Stock Price, News & Analysis

O-I Glass will invest $65 million to electrify and decarbonize its Veauche plant in France, marking a major sustainability initiative. A state-of-the-art hybrid-flex furnace will replace up to 70% of fossil-fuel-based energy with electricity, reducing CO2 emissions by 43% at 50% electricity usage. The plant will also implement a heat recovery system, supplying up to 94% of its heating needs. These improvements align with O-I’s goal to cut greenhouse gas emissions by 25% by 2030. Expected to complete by December 2025, the upgraded plant will lower CO2 emissions by 35% compared to pre-2020 levels while producing 300 million bottles annually.

O-I Glass has developed MOGRA, a mobile glass processing machine that enables efficient recycling of glass packaging. MOGRA can be transported easily and deployed quickly, processing up to 6,000 MT of recycled glass annually. This innovation allows O-I to implement full-service, closed-loop recycling programs, reducing transportation costs and emissions. The system enhances the quality of recycled glass by removing metallic content, contributing to O-I's goal of increasing recycled content in glass packaging to 50%. The initiative supports sustainability by conserving natural resources and lowering energy consumption.

O-I Glass, Inc. (NYSE: OI) announced that its subsidiary, OI European Group B.V. (OIEG), has concluded its tender offer to purchase any and all of its outstanding €500 million (approx. $539 million) 2.875% Senior Notes due 2025. The offer, which expired on May 23, 2024, saw €323.416 million of the notes tendered. The total consideration is €992.50 per €1,000 of principal amount.

Accepted notes will be settled by May 29, 2024. Holders will also receive accrued interest up to, but not including, the settlement date. BNP Paribas acted as the dealer manager for the offer, while D.F. King served as the information and tender agent.

OIEG retains the right to amend or terminate the offer in compliance with applicable laws.

O-I Glass announced the pricing of a private offering by its subsidiary, Owens-Brockway Glass Container (OBGC), for $300 million in senior notes due 2032 at an interest rate of 7.375%. The net proceeds, approximately $297 million after commissions, will go towards redeeming OBGC's outstanding 6.375% senior notes due 2025. The offering will close on May 30, 2024, subject to customary conditions. The notes are unregistered under the U.S. Securities Act and offered to qualified institutional buyers and non-U.S. persons under specific regulations. This announcement is not an offer to sell or buy any securities.

O-I Glass announced that Owens-Brockway Glass Container (OBGC), an indirect subsidiary, plans to offer $300 million in senior notes due 2032, subject to market conditions. The notes will be guaranteed by Owens-Illinois Group and certain U.S. subsidiaries. Proceeds will be used to redeem OBGC’s outstanding 6.375% senior notes due 2025. The offering will be private and to qualified institutional buyers and non-U.S. persons under Rule 144A and Regulation S. The notes and guarantees are not registered under the U.S. Securities Act and are restricted from being sold in the U.S. without proper exemptions.

O-I Glass, Inc. announced that its subsidiary, OI European Group B.V. (OIEG), has priced a private offering of €500 million in 5.250% senior notes due 2029 at par, up from the previously announced €400 million. The net proceeds, expected to be €494 million, will be used to repurchase OIEG’s outstanding 2.875% senior notes due 2025 through a tender offer or other redemption methods. The offering is expected to close on May 28, 2024, pending customary conditions. The notes are offered only to qualified institutional buyers and certain non-U.S. persons.

O-I Glass has completed the full allocation of proceeds from its second round of Green Bond offerings, totaling $690 million and €600 million, to advance its climate-change strategy. The funds were directed to Eligible Green Projects, including renewable energy, energy efficiency, sustainable water management, and eco-friendly production technologies. The initiative aims to cut CO2 emissions, reduce energy consumption, and preserve natural resources. Notable projects include MAGMA technology, improvements at the Zipaquirá Colombian plant, and the GOAT furnace in France. Sustainalytics provided a favorable second-party opinion on the environmental impact and credibility of the projects.

O-I Glass' subsidiary, OI European Group B.V., announced a €400 million senior notes offering, due 2029. Proceeds from the offering, alongside cash on hand, will be used to repurchase outstanding €500 million 2.875% senior notes due 2025. Excess funds, if any, might be allocated to general corporate purposes. The notes and guarantees are not registered under U.S. securities laws and are being offered only to qualified institutional investors and non-U.S. persons outside the United States.

O-I Glass, under its subsidiary OI European Group (OIEG), announced a cash offer to purchase any and all of its 2.875% Senior Notes due 2025, amounting to €500 million. The offer commenced on May 16, 2024, and will expire on May 23, 2024, unless extended. The total consideration for the Notes is €992.50 per €1,000 principal amount, exclusive of accrued interest. The purchase is part of a strategy to issue new senior notes, with proceeds funding the buyback. The Notes will be purchased, retired, and canceled. BNP Paribas is managing the offer, and D.F. King is acting as the information and tender agent.