Crown Cork & Seal completes partial tender for 7% notes, repays 6% notes, will retire 8 3/8% notes

By Paul Deckelman

New York, Dec. 14 - Crown Holdings Inc. said its wholly owned Crown Cork & Seal Co. Inc. subsidiary has accepted $33.462 million principal amount of Crown Cork & Seal Finance plc's 7% notes due 2006 for purchase under its previously announced tender offer for up to $110 million principal amount of those notes.

The offer expired as scheduled at 5 p.m. ET on Dec. 13, without extension. Crown Cork & Seal anticipates completing the purchase of the notes on Dec. 16 on the previously announced terms, which include the payment of accrued interest on the notes through Dec. 15 in addition to the tender consideration.

Following the completion of the note purchase, there will be a total principal amount of $235.142 million of the 7% notes still outstanding.

Crown Holdings additionally announced that on Dec. 6 it repaid at maturity €21.973 million of outstanding 6% notes issued by Crown Cork & Seal Finance SA.

It also said that before the end of the calendar year, it intends to retire the remaining $39.656 million principal amount of outstanding Crown Cork & Seal 8 3/8% notes due 2005 by depositing with the notes' trustee an amount sufficient to fully pay them at their maturity on Jan. 15.

As previously announced, Crown Holdings, a Philadelphia-based packaging company, said on Nov. 11 that Crown Cork & Seal had begun a cash tender offer for up to $110 million principal amount of outstanding Crown Cork & Seal Finance plc 7% notes, out of the $268.604 million outstanding.

It set an expiration deadline of 5 p.m. ET on Dec. 13, subject to possible extension.

The company said it would pay a purchase price of $1,050 per $1,000 principal amount of notes tendered and accepted by the company for purchase, plus accrued and unpaid interest up to but not including the date of purchase.

It said tendered notes could be withdrawn at any time prior to the expiration date but not afterward and that completion of the tender offer would be subject to the satisfaction or waiver of various conditions.

The depositary for the offer is Wells Fargo Bank NA, and the information agent is D.F. King & Co. Inc. (call 800 735-3107).

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