Crown Holdings Announces Pricing of Senior Notes

News provided by

Jan 18, 2018, 02:03 ET

PHILADELPHIA, Jan. 18, 2018 /PRNewswire/ -- Crown Holdings, Inc. (NYSE: CCK) announced today that it has priced its offerings of €500 million principal amount of 2.875% senior unsecured notes due 2026 and €335 million principal amount of 2.250% senior unsecured notes due 2023 issued at par by its subsidiary Crown European Holdings S.A., and its offering of $875 million principal amount of 4.750% senior unsecured notes due 2026 issued at par by Crown Americas LLC and Crown Americas Capital Corp. VI, each a subsidiary of Crown.

All three sets of notes will be unconditionally guaranteed by Crown and certain of its subsidiaries.

Crown intends to use the net proceeds from the offerings, together with other available funds, to pay the cash consideration for its acquisition of Signode Industrial Group Holdings (Bermuda) Ltd., refinance the existing indebtedness of Signode, and pay costs and expenses related to these transactions.

The notes would be issued through a private placement and resold by initial purchasers to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act of 1933, as amended, and to non-U.S. persons outside the United States under Regulation S of the Securities Act. The notes would not be registered under the Securities Act and could 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 regarding the expected completion of the note offering, the prospective impact of the note offerings, plans to repay certain Signode indebtedness and the use of proceeds for the Signode acquisition, and Crown's ability to close the Signode acquisition, any of 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 Crown to differ include, without limitation, that the note offerings are subject to a number of conditions and approvals. There can be no assurance that the note offerings will be completed as described herein or at all. Other important factors are discussed under the caption "Forward-Looking Statements" in Crown's Form 10-K Annual Report for the year ended December 31, 2016 and in subsequent filings made prior to or after the date hereof. Crown does not intend to review or revise any particular forward-looking statement in light of future events.

MiFID II professionals/ECPs-only/No PRIIPs KID

Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA.

About Crown Holdings, Inc.

Headquartered in Philadelphia, PA, Crown Holdings, Inc. is a leading manufacturer of packaging products for consumer marketing companies around the world. Crown makes a wide range of metal packaging for food, beverage, household and personal care and industrial products and metal vacuum closures and caps. For more information, visit www.crowncork.com.

For more information, contact: Thomas T. Fischer, Vice President, Investor Relations and Corporate Affairs, (215) 552-3720.

SOURCE Crown Holdings, Inc.