Simpson Thacher represented (1) the initial purchasers, led by Wells Fargo Securities, LLC, in connection with a 144A/Regulation S offering by Owens-Brockway Glass Container Inc. (“OBGC”) of $690 million aggregate principal amount of 7.25% Senior Notes due 2031 and (2) the initial purchasers, led by J.P. Morgan SE, in a concurrent 144A/Regulation S offering by OI European Group B.V. (“OIEG”) of €600 million aggregate principal amount of 6.25% Senior Notes due 2028.
Concurrently with the offerings, Simpson Thacher also represented Wells Fargo Securities, LLC as dealer manager in connection with OBGC’s cash tender offers to purchase up to $550 million maximum aggregate principal amount of certain series of its outstanding U.S. dollar-denominated senior notes and J.P. Morgan SE as dealer manager in connection with OIEG’s cash tender offer to purchase up to €725 million maximum aggregate principal amount of certain of its outstanding euro-denominated senior notes.
The net proceeds from the offerings have or will be used to fund the repayment or repurchase of near term debt maturities, including in the tender offers. In addition, OI Group intends to allocate an amount equal to the net proceeds received from the offerings to finance and/or refinance certain eligible green projects.
OI Group is the largest manufacturer of glass containers in the world with 69 glass manufacturing plants in 19 countries.
The Simpson Thacher team included Marisa Stavenas, John O’Connell, Ignacio Perez and Pia Figuerola (Capital Markets); Leah Malone and Emily Holland (ESG); Jonathan Cantor and Lina Pan (Tax); Toby Chun and Deepa Sarkar (Environmental); Larry Moss, Pasco Struhs and Meredith Brenton (Executive Compensation and Employee Benefits); Corina McIntyre (Intellectual Property); David Caldwell (Regulatory); Bill Russell, Michael Torkin and Jamie Fell (Restructuring); and Andrew Pagliughi (Blue Sky).