Crown Holdings Announces Pricing Of Senior Notes
PHILADELPHIA, Jan. 9, 2013
PHILADELPHIA, Jan. 9, 2013 /PRNewswire/ --Crown Holdings, Inc. (NYSE: CCK)
announced today that it has priced a private placement of $200 million
principal amount of 4.5% senior unsecured notes due 2023 (the "Notes"). The
Notes were priced at 100% of the principal amount and will be issued by Crown
Americas LLC and Crown Americas Capital Corp. IV, each a subsidiary of the
Company, and will be unconditionally guaranteed by the Company and
substantially all of its U.S. subsidiaries.
The Company intends to use the net proceeds of the offering, together with
cash on hand, to repay $200 million of indebtedness outstanding under the
Company's senior secured term loan facilities.
The Notes will be issued through a private placement and resold by initial
purchasers to qualified institutional buyers under Rule 144A of the Securities
Act of 1933, as amended, or Regulation S. The Notes will not be registered
under the Securities Act and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
This issuance of the Notes is an add-on to the Company's previously announced
$800 million offering of 4.5% senior unsecured notes due 2023, which the
Company completed on January 9, 2013. With the issuance of the Notes, the
total aggregate principal amount of 4.5% senior unsecured notes due 2023 will
be $1.0 billion.
This press release does not constitute an offer to sell or the solicitation of
an offer to buy any security in any jurisdiction in which such offer or sale
would be unlawful.
Cautionary Note Regarding Forward-Looking Statements
Except for historical information, all other information in this press release
consists of forward-looking statements within the meaning of the federal
securities laws. These forward-looking statements involve a number of risks,
uncertainties and other factors, which may cause the actual results to be
materially different from those expressed or implied in the forward-looking
statements. Important factors that could cause the statements made in this
press release to differ include, without limitation, that the Company's
refinancing plan, the offering of the Notes and the repayment of the Company's
senior secured term loan facilities are subject to a number of conditions and
approvals and the final terms may vary substantially as a result of market and
other conditions. There can be no assurance that the Company's refinancing
plan will be completed as described herein or at all. Other important factors
are discussed under the caption "Forward-Looking Statements" in the Company's
Form 10-K Annual Report for the year ended December 31, 2011 and in subsequent
filings. The Company does not intend to review or revise any particular
forward-looking statement in light of future events.
About Crown Holdings, Inc.
Crown Holdings, Inc., through its affiliated companies, is a leading supplier
of packaging products to consumer marketing companies around the world. World
headquarters are located in Philadelphia, Pennsylvania.
For more information, contact: Thomas A. Kelly, Senior Vice President -
Finance, (215) 698-5341.
SOURCE Crown Holdings, Inc.
Press spacebar to pause and continue. Press esc to stop.