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Glass Industry News

O-I Announces New Credit Agreement

, Owens-Illinois, Inc.

Owens-Illinois, Inc., (NYSE: OI) announced that certain of its subsidiaries have entered into a five-year senior secured credit agreement totaling $2 billion. The new agreement, which has a maturity date of May 2016, is comprised of $1.1 billion in term loans and a $900 million revolving credit facility. Proceeds from borrowings under the new credit agreement will be used to repay all amounts outstanding under, and terminate, the Company´s 2006 Credit Agreement, which had been scheduled to mature in June 2012.

Furthermore, on May 20, 2011, a subsidiary of the Company delivered a Notice of Redemption calling for the May 31, 2011, redemption of its $400 million aggregate principal amount of U.S. dollar denominated 6.75% Senior Notes due 2014. Proceeds from borrowings under the new credit agreement also will be used to fund this redemption.

Commenting on the Company´s new credit agreement, Ed White, O-I senior vice president and chief financial officer, said, "The current favorable credit market presented an ideal opportunity to refinance our bank credit agreement. The attractive pricing under the new agreement will allow us to reduce interest expense as we redeem a portion of our more expensive fixed rate bonds."

At the Company´s current leverage ratio, pricing for the new agreement is Libor plus 175 basis points. Overall, the Company anticipates no significant change in total debt outstanding as a result of this new credit agreement. However, the Company does expect to incur lower interest expense as a result of the above financing activities. For full year 2011, net interest expense (excluding the impact of redemption premiums and the write-off of finance fees) is expected to approximate $280 million at current foreign currency rates and debt levels.

, Owens-Illinois, Inc.

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