Crown Holdings Announces Senior Notes Offering
05 May 2009 - 10:08PM
PR Newswire (US)
PHILADELPHIA, May 5 /PRNewswire-FirstCall/ -- 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.
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, which may cause
the actual results to be materially different from those expressed
or implied in the forward-looking statements. Important factors
that could cause the statements made in this press release to
differ include, without limitation, that the Company's refinancing
plan is subject to a number of conditions and approvals and the
final terms may vary substantially as a result of market and other
conditions. There can be no assurance that the refinancing plan
will be completed as described herein or at all. 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. 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, 2008 and in
subsequent filings. 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
affiliated companies, is a leading supplier of packaging products
to consumer marketing companies around the world. World
headquarters are located in Philadelphia, Pennsylvania. For more
information, contact: Timothy J. Donahue, Executive Vice President
and Chief Financial Officer, (215) 698-5088. DATASOURCE: Crown
Holdings, Inc. CONTACT: Timothy J. Donahue, Executive Vice
President and Chief Financial Officer of Crown Holdings, Inc.,
+1-215-698-5088 Web Site: http://www.crowncork.com/
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