04:20 AM EDT, 05/16/2024 (MT Newswires) -- O-I Glass ( OI ) said Thursday its OI European Group subsidiary has launched a tender offer to buy all of its outstanding 500 million euros ($543.8 million) of 2.875% senior notes due 2025 for cash.

The total consideration payable for each 1,000 euros of notes that are validly tendered and accepted for purchase will be equal to 992.50 euros. The tender offer will expire on May 23 and is expected to settle on May 29.

The total consideration for the notes is expected to be funded by a concurrent new private offering of 400 million euros of its senior notes due 2029, together with cash on hand.

The company said that any net proceeds from this offering not used to fund the 2025 notes tender offer can be used for general corporate purposes.