Owens-Illinois' bank debt traded up a few points last week, with the term loan trading at 94-95 and the revolver trading in the 91 range. "The company has had good numbers and is a strong company," a dealer said, explaining the positives for Owens-Illinois. However, the company's asbestos related issues continues to haunt the name. In its third-quarter report, the company noted that improving energy costs, reduced interest expense, and lower fixed costs are continuing to have a favorable impact on the company's performance. Owens-Illinois is a glass manufacturer based in Toledo, Ohio. Calls to R. Scott Trumbull, cfo, were referred to the investor relations department and not returned by press time.
Owens-Illinois Trades Up On Strong Third-Quarter Report