Business News

Crown Holdings Announces Senior Notes Offering

Thursday 07. May 2009 - Crown Holdings, Inc. (NYSE: CCK) (the "Company") announced today that it intends to offer senior unsecured notes due 2017 expected to generate $250 million of net proceeds, subject to market conditions.

The senior notes would be issued by Crown Americas, LLC and Crown Americas Capital Corp. II, each a subsidiary of the Company, and would be unconditionally guaranteed by the Company and substantially all of its U.S. subsidiaries.

The Company intends to use the net proceeds of this offering for general corporate purposes consisting of the permanent repayment of indebtedness under its senior secured credit facilities, the repurchase of a portion of Crown European Holdings SA’s first priority notes and/or the funding of one or more acquisitions. Pending such application, the Company intends to use such net proceeds to temporarily repay existing indebtedness under its senior secured revolving credit facilities and accounts receivable securitization facilities.

The senior notes would 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 the Securities Act, and Regulation S. The senior 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.