Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Crown Holdings Obtains Financing Commitment for Mivisa Purchase

Crown Holdings Inc., the U.S. consumer-goods packaging manufacturer that’s buying Spanish food-can maker Mivisa Envases SAU, obtained a financing commitment to support its 1.2 billion euros ($1.64 billion) purchase.

Citigroup Inc. will provide the loan funding, which may come in the form of an incremental $960 million portion of A term loans and an additional $700 million of B portion debt under the company’s existing credit pact, according to a regulatory filing today. Alternately, a new deal might consist of $1.2 billion in revolving credit lines, a $1.18 billion term A slice, 110 million euros of term loans and a $700 million B piece.

Crown is buying Mivisa, the biggest food-can producer in the Iberian peninsula and Morocco, from Blackstone Group LP, N+1 Mercapital and the company’s management, and the deal is expected to close next year, Philadelphia-based Crown said today in a statement. Closing of the acquisition isn’t subject to financing or funding condition, according to the filing.

Crown’s $332.5 million remaining loan under a pact it obtained in 2011 and that matures in June 2016, was quoted today at 100.25 cents on the dollar, according to prices compiled by Bloomberg.

A term loan B is sold mainly to non-bank lenders such as collateralized loan obligations, bank loan mutual funds and hedge funds. A term loan A is sold mainly to banks. In a revolving credit facility, money can be borrowed again once it’s repaid; in a term loan, it can’t.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.