Crown Holdings retires Crown Cork & Seal 6¾% notes, buys some 8 3/8% notes

New York, Dec. 16 - Crown Holdings Inc. (B3) said that it had retired the remaining outstanding balance of $145 million of the 6¾% notes that that matured Dec. 15, which had been issued by its Crown Cork & Seal Finance plc and Crown Cork & Seal Finance SA subsidiaries.

Crown, a Philadelphia-based holding company parent of food industry container maker Crown Cork & Seal, also announced the repurchase of $61 million of Crown Cork & Seal Co. Inc.'s outstanding 8 3/8% notes due 2005 in a privately negotiated transaction. After the repurchase approximately $61 million of the 8 3/8% notes remains outstanding.

The company also said that it had paid in advance the around $26 million of term loan B amortization originally scheduled for Jan. 15, 2004. The next scheduled amortization of the term loan B, currently approximating $26 million, is Jan. 15, 2005.

Crown used the remaining $145 million of proceeds from its February 2003 refinancing and cash from operations to retire the debt.

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