Owens-Brockway sells $600 mln in notes

Owens-Brockway Glass Container Inc, a subsidiary of Owens-Illinois Inc (OI.N: Quote, Profile, Research), on Thursday sold $600 million of seven-year senior notes in the 144a private placement market, said IFR, a Thomson Reuters service.

The size of the deal was increased from an originally planned $300 million.

JP Morgan, Bank of America and Deutsche Bank were the joint bookrunning managers for the sale.

BORROWER: OWENS-BROCKWAY GLASS CONTAINER INC*

AMT $600 MLN**   COUPON 7.375 PCT    MATURITY 5/15/2016 

TYPE SR NOTES    ISS PRICE 96.724    FIRST PAY 11/15/2009

MOODY'S Ba3      YIELD 8.00 PCT      SETTLEMENT 5/11/2009

S&P DOUBLE-B     SPREAD 527 BPS/     PAY FREQ SEMI-ANNUAL

FITCH N/A         MORE THAN TREAS    MAKE-WHOLE CALL 50 BPS

* GUARANTEED BY OWENS-ILLINOIS GROUP.

** FACE AMOUNT: $600 MLN, PROCEEDS: $580.344 MLN