Owens-Brockway Glass Container Inc. Closes on Sale of $450 Million Senior Secured Notes and $450 Million Senior Notes

Owens-Brockway Glass Container Inc., an indirect wholly owned subsidiary of Owens-Illinois, Inc. (NYSE: OI), announced today that it has closed on the sale of $450 million aggregate principal amount of its 7-3/4% senior secured notes due 2011 and $450 million aggregate principal amount of its 8-1/4% senior notes due 2013 in a private offering.The net proceeds from these notes will be used to purchase in the tender offer commenced on April 28, 2003, and/or otherwise repurchase, all of Owens- Illinois Inc.'s $300 million aggregate principal amount of 7.85% Senior Notes due 2004 and permanently reduce the revolving loan portion of the secured credit agreement, which matures on March 31, 2004.The senior secured notes and senior notes have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws.

Unless so registered, the senior secured notes and senior notes may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.

600450 Owens-Brockway Glass Container Inc. Closes on Sale of $450 Million Senior Secured Notes and $450 Million Senior Notes glassonweb.com

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