Crown European Holdings tightens talk on €500 million bullet notes to 4¾%-4 7/8%; pricing Thursday

By Paul A. Harris

Portland, Ore., Nov. 30 – Crown European Holdings SA tightened talk on its upsized €500 million offering of senior bullet notes due March 2029 (Ba1/BB+) to a range of 4¾% to 4 7/8% from earlier talk in the 5% area, according to a market source.

The deal size increased from €400 million.

Recommitments were due at mid-morning New York time.

The Rule 144A and Regulation S for life notes feature a par call three months prior to maturity but are otherwise non-callable.

Active bookrunner BNP Paribas will bill and deliver. Citigroup and Deutsche Bank are also active bookrunners.

BofA, Credit Agricole, Mizuho, MUFG, Rabo, Santander, Scotia, TD, UniCredit and Wells Fargo are passive bookrunners.

Goldman Sachs, Huntington Bancshares, ING, PNC and SMBC are the co-managers.

The Switzerland-based packaging products manufacturer plans to use the proceeds for general corporate purposes, including the partial repayment of its senior secured term loans.

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