Owens-Illinois, Inc has announced several significant developments in the transformational journey that the company outlined at investor day earlier this year. The company continues to build momentum on its Transformational Journey which has been focused on enhancing financial flexibility through proactive liability management as well as stabilizing and improving top and bottom line business performance. The Company has substantially improved its debt profile through the recent issuance of a 500m euro, 8-year, fixed-rate bond with a very favorable coupon of 3.125 %. This transaction met all key objectives: increased the composition of fixed-rate debt to nearly two-thirds, augmented the natural hedge to foreign currency exposure, repaid higher-cost floating-rate debt and extended the Company's debt maturity profile. Further, the Company continues to de-risk its pension plans.
