Ohio-based glass manufacturer Owens-Illinois (O-I) sold a euro-denominated green HY issue through BNP Paribas on Thursday, adding to the tiny clutch of leveraged credits to target deals at ESG-oriented investors — and locking in a storming result, with a size increase from €300m to €500m and pricing through the tight end of the initial range.
O-I set out with a €300m Ba3/BB- rated long five year deal, with two year call protection. It will be used to pay back €250m of 2020 notes and to repay other outstanding borrowings. BNP Paribas was left lead and green structuring agent, with Bank of America, Crédit
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