Owens-Illinois (O-I) is furthering its commitment to sustainability by securing a $225 million bank loan, with a sustainability-linked pricing mechanism.
The loan will be issued to OI European Group BV, a wholly owned subsidiary, and proceeds will be used to retire existing bank debt.
The Bank of America, who will also serve as Sustainability Coordinator for this transaction, will provide funding.
The bank loan is one of the first sustainable improvement loans in the Food and Packaging Industry.
John Haudrich, Chief Financial Officer at O-I said: “Sustainability is key to our Company, investors, customers and consumers.
“This financing reinforces our commitment to sustainability by linking the rate structure of the loan to an independent assessment of our continued efforts to improve and advance the Company’s sustainability practices.”
“We are extremely proud of the product we make, and we believe the environmental and health benefits of glass packaging are an important component to the Company’s overall success.”
“We have made significant progress, but the journey continues. Glass packaging is healthy, safe and 100% recyclable.
“We take great pride knowing the food and beverages that you consume are being provided in a product that is kind to our planet,” said Jim Nordmeyer, VP, Global Sustainability.
08.11.2019, Owens-Illinois (O-I)
News material on the Site is copyright and belongs to the Company or to its third party news provider, and all rights are reserved. Any User who accesses such material may do so only for its own personal use, and the use of such material is at the sole risk of the User. Redistribution or other commercial exploitation of such news material is expressly prohibited. Where such news material is provided by a third party, each User agrees to observe and be bound by the specific terms of use applying to such news material. We do not represent or endorse the accuracy or reliability of any of the info contained in any news or external websites referred to in the news.
Should the content or the design of these sites violate third parties rights or legal prescriptions, we kindly ask you to send us a respective message without invoice or cost. We guarantee that passages where the claim is considered as justified will be removed immediately, without any necessity to involve any lawyer into this issue. We will reject any claim caused by submission of a honorary note in this regard without any prior contact and confirmation of the issueby us and we reserve the right ssue counter claim ourselves because of violation of aforesaid conditions.