The US primary leveraged loan market remains open to borrowers seeking cheaper financing, but consumer-sector deals ran into friction this week amid rising economic concerns.

O-I Glass, the world’s largest manufacturer of glass containers, had to widen pricing and tighten documents to get its refinancing deal across the finish line. The Illinois-based company priced a USD 650m term loan due 2032 today at SOFR +300bps with a 99.5 OID, after initial talks of SOFR+ 250bps-275bps. The Wells Fargo-led deal also added J Crew, Chewy and Serta protections and postponed pricing by one day from the original date.