Moody’s rates Crown loans, notes

Moody's Investors Service said it confirmed the Ba2 corporate family rating and Ba2-PD probability of default rating of Crown Holdings Inc.

The agency also assigned a Baa2 rating to the proposed $1.25 billion senior secured term loan B of Crown Americas LLC, a Baa2 rating to the €750 million senior secured term loan B of Crown European Holdings SA, a Ba3 rating to the proposed $750 million senior unsecured notes of Crown Americas and a Ba2 rating to the €935million senior unsecured notes of Crown European.

Moody's also affirmed the speculative grade liquidity rating of SGL-2. The outlook is stable.

Proceeds from the new term loans and notes will be used to acquire Signode Industrial Group as well as pay fees and expenses associated with the transaction.

This concludes the review for possible downgrade initiated on Dec. 20 when Crown announced that it entered into a definitive agreement to buy Signode from Carlyle Group in a cash transaction valued at about $3.91 billion.

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