PHILADELPHIA, June 26, 2014 /PRNewswire/ -- Crown
Holdings, Inc. (NYSE: CCK) announced today that it has priced and
increased the size of its private placement to €650 million
principal amount of 4% senior unsecured notes due 2022. The senior
notes will be issued at par by Crown European Holdings S.A., a
subsidiary of the Company, and will be unconditionally guaranteed
by the Company and certain of its subsidiaries.
The Company intends to use the net proceeds of this offering to
retire all of Crown European Holdings' outstanding €500 million
senior unsecured notes due 2018 with ISIN codes XS0511127929 and
XS0511127689 (the "2018 Notes"), to pay fees and expenses
associated with the offering of the new notes, to pay redemption
and/or tender premiums associated with repaying the 2018 Notes and
for general corporate purposes which may consist of the funding of
acquisitions, the permanent repayment of term loan indebtedness
under its senior secured credit facilities and/or the repurchase of
outstanding senior unsecured notes. Pending such application,
the Company intends to use such net proceeds to temporarily repay
existing indebtedness under its senior secured revolving credit
facilities.
The senior notes will be issued through a private placement and
resold by initial purchasers to qualified institutional buyers in
the United States under Rule 144A
promulgated under the Securities Act of 1933, as amended (the
"Securities Act"), and to persons outside the United States under Regulation S of the
Securities Act. The senior 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 requirements. 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, including the expected completion of the note offering,
the prospective impact of the note offering, plans to repay certain
indebtedness (including the terms and success of such repayment),
and that there can be no assurance that the Company will pursue or
consummate any acquisition, or if the Company were to consummate an
acquisition, the terms thereof, which may cause the actual results
to be materially different from those expressed or implied in the
forward-looking statements. Other important factors that could
cause the statements made in this press release or the actual
results of operations or financial condition of the Company to
differ include, without limitation, that the note offering is
subject to a number of conditions. There can be no assurance that
the note offering 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,
2013 and in subsequent filings made prior to or after the
date hereof. 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 subsidiaries, is a leading
supplier of packaging products to consumer marketing companies
around the world. World headquarters are located in Philadelphia, Pennsylvania. For more
information, visit www.crowncork.com.
For more information, contact: Thomas A.
Kelly, Senior Vice President and Chief Financial Officer,
(215) 698-5341 or Thomas T. Fischer,
Vice President, Investor Relations and Corporate Affairs, (215)
552-3720.
SOURCE Crown Holdings, Inc.