O-I Glass (NYSE: OI) subsidiary sells $500M 9.500% senior notes due 2033
Rhea-AI Filing Summary
O-I Glass, Inc., through its indirect wholly owned subsidiary Owens-Brockway Glass Container Inc., completed a private offering of $500 million aggregate principal amount of 9.500% Senior Notes due 2033 on May 18, 2026.
The notes were sold to eligible purchasers under Rule 144A and Regulation S of the Securities Act and are fully and unconditionally guaranteed on a joint and several basis by Owens-Illinois Group, Inc. and certain U.S. domestic subsidiaries that guarantee OI Group’s credit agreement. The key terms are detailed in an Indenture dated May 18, 2026 among OBGC, the guarantors and Regions Bank as trustee.
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Insights
O-I Glass adds $500M of long-dated, high-coupon debt.
Owens-Brockway Glass Container Inc., an indirect subsidiary of O-I Glass, issued $500 million of 9.500% Senior Notes due 2033 in a private placement under Rule 144A and Regulation S. The notes are senior obligations with guarantees from Owens-Illinois Group, Inc. and certain U.S. subsidiaries.
The 9.500% coupon indicates relatively expensive borrowing, and the additional debt increases consolidated interest obligations, though exact leverage impact is not disclosed in this excerpt. Joint and several guarantees broaden the creditor claim across key U.S. entities, which can improve investor confidence in repayment strength.
The indenture dated May 18, 2026 with Regions Bank as trustee will govern covenants and protections around these notes. Future company filings may outline how this new debt interacts with existing credit agreements and any planned uses of proceeds.
8-K Event Classification
Key Figures
Key Terms
Rule 144A regulatory
Regulation S regulatory
Senior Notes financial
Indenture regulatory
guaranteed, on a joint and several basis financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01 | Entry Into A Material Definitive Agreement. |
On May 18, 2026, Owens-Brockway Glass Container Inc. (“OBGC”), a Delaware corporation and an indirect wholly owned subsidiary of O-I Glass, Inc. (“O-I Glass”), completed a private offering of $500 million aggregate principal amount of its 9.500% Senior Notes due 2033 (the “Notes”) to eligible purchasers under Rule 144A and Regulation S of the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Notes are fully and unconditionally guaranteed, on a joint and several basis, by Owens-Illinois Group, Inc. (“OI Group”) and certain U.S. domestic subsidiaries of OI Group that are guarantors under OI Group’s credit agreement.
The relevant terms of the Notes are set forth in the indenture, dated as of May 18, 2026 (the “Indenture”), by and among OBGC, the guarantors party thereto, including OI Group, and Regions Bank, as trustee. A copy of the Indenture (including the form of the global note) is attached hereto as Exhibit 4.1 and is incorporated herein by reference.
The descriptions in this Current Report of the Notes and the Indenture are not intended to be a complete description of those documents and are qualified in their entirety by the full text of the Indenture, including the form of the Note contained therein, which is attached as an exhibit to and incorporated by reference in this Current Report.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth in Item 1.01 of this report is incorporated in this Item 2.03 by reference.
| Item 9.01. | Financial Statements and Exhibits |
| (d) | Exhibits. |
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Exhibit |
Description | |
| 4.1 | Indenture, dated as of May 18, 2026, by and among Owens-Brockway Glass Container Inc., the guarantors party thereto and Regions Bank, as trustee | |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| O-I GLASS, INC. | ||
| Date: May 18, 2026 | By: | /s/ John A. Haudrich |
| Name: | John A. Haudrich | |
| Title: | Senior Vice President and Chief Financial Officer | |