Crown Cork & Seal $1.75 billion note offering could start roadshowing by end of week

By Paul A. Harris

St. Louis, Jan. 29 - The roadshow could start before the end of the Jan. 27 week for Crown Cork & Seal Co.'s $1.75 billion Rule 144A offering of senior secured second and third lien notes in two parts, according to a syndicate source.

The company will offer $1.25 billion of eight-year-non-call-four notes and $500 million of 10-year-non-call-five notes.

The underwriters are Salomon Smith Barney and Deutsche Bank Securities Inc.

The financing also includes a $550 million first lien revolver and a $500 million first lien term loan B, a $200 million convertible bond and a $125 million debt-for-equity exchange.

Proceeds will be used to refinance the existing revolver due Dec. 8, 2003, and approximately $900 million of senior notes, including all of the notes scheduled to mature in 2003 and approximately $300 million of notes due in 2004 and 2005.

The issuer is a Philadelphia-based manufacturer of plastic food and beverage containers.

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