In connection with the tender offer, Owens-Brockway Glass Container Inc. is soliciting holders to consent to proposed amendments to the indenture governing the notes, which will eliminate certain covenants and events of default.
The tender offer and consent solicitation will expire at 11:59 p.m., New York City time, on Friday, May 23, 2003, unless extended or terminated (including any such extension or termination, the "Expiration Date"). Holders tendering their notes will be required to consent to the proposed amendments. Holders may not tender their notes without delivering consents or deliver consents without tendering their notes.
Holders who validly tender their notes and validly deliver their consents prior to the Expiration Date will be entitled to receive $1,045, payable in cash (the "Tender Consideration"), for each $1,000 of notes accepted for payment. Owens-Brockway Glass Container Inc. expects to pay the Tender Consideration promptly after the Expiration Date for notes validly tendered and consents validly delivered prior to the Expiration Date and accepted for payment. In addition, such holders will be paid accrued and unpaid interest up to, but not including, the date such notes are accepted for payment.