PHILADELPHIA, July 21 /PRNewswire-FirstCall/ -- Crown Holdings, Inc. (NYSE: CCK) announced today that it has priced its private placement of euro 500 million principal amount of 7 1/8% senior unsecured notes due 2018. The senior notes will be issued at par by Crown European Holdings SA, 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 or a portion of the Company's outstanding euro 150 million first priority senior secured notes, retire all of the Company's outstanding $200 million senior unsecured notes due 2013, to pay fees and expenses associated with the offering and to provide funds for general corporate purposes.
The senior 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 and Regulation S. 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. 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 the use of proceeds for other general corporate purposes, 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, 2009 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, PA.
For more information, contact:
Thomas A. Kelly, Senior Vice President – Finance, Tel: (215) 698-5341, or Ed Bisno, Bisno Communications, Tel: (212) 717-7578
SOURCE Crown Holdings, Inc.
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