OI · O-I Glass, Inc.

This financing event represents a strategic debt refinancing aimed at extending maturity profile and managing near-term maturities. OBGC is replacing $612 million of 6.625% notes due 2027 — which carry a lower coupon but mature in under 18 months — with $500 million of 9.500% notes maturing in 2033. Though the new notes carry a significantly higher interest rate, the extension reduces refinancing risk and aligns with the Company’s stated objective of optimizing capital structure amid uncertain market conditions. The offering is structured as an unregistered private placement, limiting investor access to qualified institutional buyers and non-U.S. persons, consistent with typical high-yield debt practices for issuers seeking speed and flexibility. The joint and several guarantees by OI Group and certain U.S. subsidiaries reinforce credit support but also extend covenant restrictions across the core U.S. operating group. Importantly, the redemption of the 2027 notes is conditional upon completion of the offering, introducing execution risk; however, the conditional notice has already been issued, signaling strong intent and preparation. Given the size relative to total debt, the material change in interest expense, and the structural implications of the covenants, this is a HIGH materiality event for investors assessing credit quality, liquidity, and near-term financial flexibility.