Crown begins tender offer for €500 million senior notes due 2018

By Susanna Moon

Chicago, June 23 – Crown Holdings, Inc. said it plans to retire Crown European Holdings SA’s outstanding €500 million senior notes due 2018 using proceeds of a notes offering.

The company also began a tender offer for the notes that will run until 11 a.m. ET on July 22.

The total purchase price will be €1,042.21 for each €1,000 principal amount of notes tendered by 11 a.m. ET on July 7.

The total amount includes an early tender premium of €20.00 per €1,000 principal amount.

Those who tender after the early date will receive €1,022.21 per €1,000 of notes.

The company also will receive accrued interest up to but excluding the settlement date.

The offer is conditioned on the completion of a new notes offering but is not contingent upon the tender of any minimum principal amount of notes.

Crown European, a company subsidiary, plans to issue €500 million principal amount of senior notes due 2022 that would be unconditionally guaranteed by the company.

BNP Paribas (+44 20 7595 8668) and Royal Bank of Scotland plc (+44 20 7085 5991) are the dealer managers. Lucid Issuer Services Ltd. (+44 7704 0880 or at crown@lucid-is.com) is the information and tender agent.

Crown is a Philadelphia-based manufacturer of packaging products for consumer marketing companies.

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