Published on 11/30/2023 in the Prospect News High Yield Daily.
New Issue: Crown European Holdings prices €500 million 4¾% notes due March 2029 at par
By Paul A. Harris
Portland, Ore., Nov. 30 – Crown European Holdings SA priced an upsized €500 million issue of senior bullet notes due March 15, 2029 (Ba1/BB+) at par to yield 4¾% on Thursday, according to a market source.
The issue size increased from €400 million.
The yield printed at the tight end of the 4¾% to 4 7/8% final yield talk, which had been revised from earlier talk in the 5% area.
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.
| Issuer: | Crown European Holdings SA
|
| Amount: | €500 million, increased from €400 million
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| Issue: | Senior notes
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| Maturity: | March 15, 2029
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| Active bookrunners: | BNP Paribas (bill and deliver), Citigroup and Deutsche Bank
|
| Passive bookrunners: | BofA, Credit Agricole, Mizuho, MUFG, Rabo, Santander, Scotia, TD, UniCredit and Wells Fargo
|
| Co-managers: | Goldman Sachs, Huntington Bancshares, ING, PNC and SMBC
|
| Coupon: | 4¾%
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| Price: | Par
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| Yield: | 4¾%
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| Spread: | 245.9 bps
|
| Call protection: | Par call three months prior to maturity, otherwise non-callable
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| Trade date: | Nov. 30
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| Settlement date: | Dec. 11
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| Ratings: | Moody’s: Ba1
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| S&P: BB+
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 4¾% to 4 7/8%, revised from 5% area
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