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Crown gets early tenders for 71.6% of senior notes due 2018 in offer
By Susanna Moon
Chicago, July 8 – Crown Holdings, Inc. said investors had tendered €357,976,000 principal amount, or 71.6%, of Crown European Holdings SA’s senior notes due 2018 as of 11 a.m. ET on July 7, the early tender date.
The company accepted all of the tendered notes for purchase, with settlement set for July 9, according to a company press release.
Crown said on June 23 that it plans to retire Crown European’s outstanding €500 million senior notes due 2018 using proceeds of a notes offering.
The company also began a tender offer for the notes the same day that will run until 11 a.m. ET on July 22.
The total purchase price is €1,042.21 for each €1,000 principal amount of notes tendered by the early offer deadline. 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 principal amount of notes.
The company also will pay 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 on the tender of any minimum principal amount of notes.
Crown European, a company subsidiary, priced an upsized €650 million issue of non-callable eight-year senior notes (Ba1/BB-/) at par to yield 4% on June 26, as reported by Prospect News.
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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