OI European Group B.V. Announces Upsizing and Pricing of Senior Notes Offering

FOR IMMEDIATE RELEASE

PERRYSBURG, Ohio / SCHIEDAM, the Netherlands, May 16, 2024 (GLOBE NEWSWIRE) -- O-I Glass, Inc. (the “Company”) announced that OI European Group B.V. (“OIEG”), an indirect wholly owned subsidiary of the Company, priced a private offering (the “Offering”) of €500 million aggregate principal amount of its 5.250% senior notes due 2029 (the “Notes”) at par, which represents an increase of €100 million from the previously announced aggregate offering size. The net proceeds to OIEG from the Offering are expected to be approximately €494 million (approximately $532 million based on the March 29, 2024 (the last business day in March 2024) exchange rate of €1.00=$1.0777), after deducting commissions but before offering expenses payable by OIEG. OIEG’s obligations under the Notes will be guaranteed on a joint and several basis by OI Group and certain U.S. domestic subsidiaries of Owens Illinois Group, Inc. (“OI Group”) that are guarantors under OI Group’s credit agreement. The Offering is expected to close on May 28, 2024, subject to the satisfaction of customary closing conditions.

OIEG expects to use the net proceeds received from this Offering, together with cash on hand, to purchase any and all of its outstanding 2.875% Senior Notes due 2025 (the “2025 Notes”), of which €500 million aggregate principal amount (approximately $539 million based on the March 29, 2024 (the last business day in March 2024) exchange rate of €1.00 = $1.0777) are currently outstanding, pursuant to a tender offer for any and all of the 2025 Notes (the “2025 Notes Tender Offer”). After the expiration of the 2025 Notes Tender Offer, OIEG may, subject to applicable federal securities laws, use any net proceeds from this Offering not used to fund the 2025 Notes Tender Offer to fund one or more redemptions of the 2025 Notes not acquired in the 2025 Notes Tender Offer, purchase such 2025 Notes through open market purchases or privately negotiated transactions, satisfy and discharge the indenture governing the 2025 Notes or repay such 2025 Notes at maturity. Any net proceeds received from this Offering not used to fund the 2025 Notes Tender Offer or any such redemption, repurchase or repayment of the 2025 Notes may be used for general corporate purposes.