Crown noteholders tender no additional notes after early tender date

By Angela McDaniels

Tacoma, Wash., July 23 – Crown Holdings, Inc. received tenders for €357,976,000 principal amount, or 71.6%, of subsidiary Crown European Holdings SA’s outstanding €500 million senior notes due 2018, according to a company news release.

A tender offer began June 23 and ended at 11 a.m. ET on July 22.

The amount of notes tendered is unchanged from 11 a.m. ET on July 7, the early tender date.

All of the tendered notes were accepted for purchase and canceled. The settlement date was July 9.

Holders received €1,042.21 for each €1,000 principal amount of notes, which included a €20.00 early tender premium, plus accrued interest up to but excluding the settlement date.

Following the completion of the tender offer, €142,024,000 principal amount of notes remain outstanding.

The offer was conditioned on the completion of a new notes offering. It was not contingent on the tender of any minimum principal amount of notes.

Crown European 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) were the dealer managers. Lucid Issuer Services Ltd. (+44 7704 0880 or crown@lucid-is.com) was the information and tender agent.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.