O-I Glass(US:OI) Newsfilter·2024-05-16 07:02Core Points - O-I Glass, Inc. announced an offer to purchase any and all outstanding 2.875% senior notes due 2025 for cash, with €500 million aggregate principal amount currently outstanding [2][9][7] - The total consideration for the notes accepted in the offer is set at €992.50 per €1,000 principal amount, excluding any accrued and unpaid interest [13][14] - The offer is part of a strategy to finance a new senior notes offering, with the intention to retire and cancel the purchased notes [9][16] Offer Details - The offer commenced on May 16, 2024, and is set to expire on May 23, 2024, with a guaranteed delivery date expected on May 28, 2024, and a settlement date anticipated for May 29, 2024 [5][10] - Holders can withdraw their tendered notes until the withdrawal date, which is also May 23, 2024 [10] - The offer is not conditioned on a minimum amount of notes being tendered, allowing flexibility for participation [10] Financial Context - The offer will be funded through the concurrent new notes offering and cash on hand, subject to certain financing conditions [9][16] - O-I Glass reported net sales of $7.1 billion in 2023, indicating a strong financial position to support this transaction [38]