Moody’s assigns Owens-Brockway notes B1

Moody’s Investors Service said it assigned a B1 rating to Owens-Brockway Glass Container Inc.’s proposed $500 million of senior unsecured notes due May 2027. The issuer is a unit of the Owens-Illinois Group, Inc.

The proceeds from the new bonds will be used to repurchase debt and pay fees and expenses.

The Ba3 corporate family rating, the Ba3-PD probability of default rating and SGL-2 speculative grade

liquidity rating at Owens-Illinois Group are unchanged.

Moody’s said it considers the offering to be leverage neutral.

The outlook remains negative.

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