Published on 10/22/2019 in the Prospect News High Yield Daily.
New Issue: Crown Holdings prices €550 million notes due February 2023 at par to yield ¾%
By Paul A. Harris
Portland, Ore., Oct. 22 – Crown Holdings, Inc. priced a €550 million issue of senior notes due Feb. 15, 2023 at par to yield ¾%, according to market sources.
The notes were issued via Crown European Holdings SA.
The yield printed on top of final yield talk that had been revised from earlier talk in the 7/8% area.
It is the tightest-ever print on a euro-denominated junk bond, a buyside source said.
Active bookrunner BNP Paribas will bill and deliver. Deutsche Bank was also an active bookrunner.
The Yardley, Pa.-based packaging products manufacturer plans to use the proceeds to repay debt under its term loan.
| Issuer: | Crown European Holdings SA
|
| Amount: | €550 million
|
| Maturity: | Feb. 15, 2023
|
| Securities: | Senior notes
|
| Active bookrunners: | BNP Paribas (bill and deliver) and Deutsche Bank
|
| Passive bookrunners: | BofA Securities, Citigroup, Commerz, Credit Agricole, Mizuho, Santander, Scotia, TD, UniCredit and Wells Fargo
|
| Coupon: | ¾%
|
| Price: | Par
|
| Yield: | ¾%
|
| Spread: | 143 bps
|
| Trade date: | Oct. 22
|
| Settlement date: | Oct. 31
|
| Ratings: | Moody's: Ba2
|
| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | ¾%, revised from 0 7/8%
|
| Marketing: | Quick to market
|
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