The deal, which is expected to include seven-year senior secured notes, will be underwritten by lead managers Banc of America Securities and Goldman Sachs & Co., sources said.Moody's Investors Service rates the firm's outstanding debt at "B3."Earlier, Standard & Poor's assigned the proposed deal a "BB" rating while affirming its parent's "B-plus" senior unsecured debt rating.Proceeds from the proposed note offering will be used to repay a portion of the outstanding term loan under the company's secured bank credit agreement due March 2004, S&P said in a statement.Owens-Illinois is the largest manufacturer of glass containers in North America, South America, Australia, and New Zealand, and the second largest plastics manufacturer. Owens-Illinois Inc. unit, Owens-Brockway Glass Container Inc. is expected to tap the corporate bond market with a $300 million debt issue, market sources said.
The deal, which is expected to include seven-year senior secured notes, will be underwritten by lead managers Banc of America Securities and Goldman Sachs & Co., sources said.
Moody's Investors Service rates the firm's outstanding debt at "B3."
Earlier, Standard & Poor's assigned the proposed deal a "BB" rating while affirming its parent's "B-plus" senior unsecured debt rating.
Proceeds from the proposed note offering will be used to repay a portion of the outstanding term loan under the company's secured bank credit agreement due March 2004, S&P said in a statement.
Owens-Illinois is the largest manufacturer of glass containers in North America, South America, Australia, and New Zealand, and the second largest plastics manufacturer.
Owens-Illinois unit to issue $300 mln in debt
Owens-Illinois Inc. unit, Owens-Brockway Glass Container Inc. is expected to tap the corporate bond market with a $300 million debt issue, market sources said.