Simpson Thacher Represents Initial Purchasers in €225 Million Tack-On Notes Offering and Dealer Manager in Tender Offer by Owens-Illinois
04.03.17
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Simpson Thacher represented the initial purchasers, led by Crédit Agricole Corporate and Investment Bank, in connection with OI European Group B.V.’s private offering of an additional €225 million aggregate principal amount of 3.125% Senior Notes due 2024. The additional notes constituted a reopening of the €500 million 3.125% Senior Notes due 2024 initially issued on November 3, 2016. The net proceeds from the offering are being used to repay a portion of OI Group’s outstanding revolving credit facility and term loan A facility under its amended and restated secured credit agreement.
The Firm also represented Credit Agricole Securities (USA) Inc. as dealer manager in connection with a tender offer by Owens-Illinois, Inc. to purchase for cash any and all of its 7.8% Senior Debentures due 2018. The tender offer expired on March 14, 2017. Approximately $228 million in aggregate principal amount of debentures were validly tendered and accepted for purchase in the tender offer.
OI Group, through its subsidiaries, is the successor to a business established in 1903. OI Group is the largest maker of glass containers in the world with 79 glass manufacturing plants in 23 countries.
The Simpson Thacher team included Marisa Stavenas, Lia Toback and Jonathan Zane (Capital Markets); Marcy Geller, George Davis and Deborah Plum (Tax); Adeeb Fadil and Louise Kruger (Environmental); Paul Koppel (Executive Compensation and Employee Benefits); Marcela Robledo (Intellectual Property); and Jennie Getsin and Andrew Pagliughi (Blue Sky).