Crown Cork & Seal tenders for $110 million 7% notes

New York, Nov. 11 - Crown Holdings Inc. said that its wholly owned Crown Cork & Seal Co. Inc. subsidiary has begun a cash tender offer for up to $110 million principal amount of outstanding Crown Cork & Seal Finance plc 7% notes due 2006, out of the $268.604 million currently outstanding.

The tender offer is scheduled to expire at 5 p.m. ET on Dec. 13, subject to possible extension.

Crown Cork & Seal, a Philadelphia-based packaging manufacturer, will pay a purchase price of $1,050 per $1,000 principal amount of notes tendered and accepted by the company for purchase, plus accrued and unpaid interest up to but not including the date of purchase.

The company said that tendered notes may be withdrawn at any time prior to the expiration date but not afterward. It said that completion of the tender offer would be subject to the satisfaction or waiver of various conditions.

The depositary for the offer is Wells Fargo Bank NA, and the information agent is D.F. King & Co. Inc. (call 800 735-3107).

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