Market players are speculating that Owens-Illinois might choose to once again restructure its debt with either another carve-out or a bond deal. The company recently carved out roughly $500 million of its revolver for a term loan to make the paper more attractive to institutional buyers, and some dealers believe the company could make a similar move in the future. The market for the name's term loan "B" was quoted in the 99 1/4 99 3/4 range and the market for the revolver was quoted in the 96 3/4 97 3/4 range, according to traders.
Some dealers also believe that a bond deal could be in Owens-Illinois' future. The company said it would make some move to extend the maturity on its debt in the next eighteen months, according to traders. The bank debt currently comprises a $2.5 billion revolver and a $562.5 million term loan "B" and is set to expire in 2004. Repeated calls to the company's officials Jeffrey Denker, company treasurer, and R. Scott Trumbull, executive v.p. and cfo, and the spokeswoman were not returned by press time.