Crown Holdings Announces Pricing of Senior Notes

PHILADELPHIA, May 5 /PRNewswire-FirstCall/ -- Crown Holdings, Inc. (NYSE: CCK) announced today that it has priced and increased the size of its previously announced private placement to $400 million principal amount of 7-5/8% senior unsecured notes due 2017. The senior notes were priced at 97.092% of the principal amount to yield 8-1/8% and will be issued by Crown Americas, LLC and Crown Americas Capital Corp. II, each a subsidiary of the Company, and will be unconditionally guaranteed by the Company and substantially all of its U.S. subsidiaries.

The Company intends to use the net proceeds of this offering for general corporate purposes consisting of the permanent repayment of indebtedness under the Company's senior secured credit facilities, the repurchase of a portion of Crown European Holdings' first priority notes and/or the funding of one or more acquisitions. Pending such application, the Company intends to use such net proceeds to temporarily repay existing indebtedness under its senior secured revolving credit facilities and accounts receivable securitization facilities.

The senior notes will be issued through a private placement and resold by initial purchasers to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended, or Regulation S. The senior notes will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security in any jurisdiction in which such offer or sale would be unlawful.

Cautionary Note Regarding Forward-Looking Statements

Except for historical information, all other information in this press release consists of forward-looking statements within the meaning of the federal securities laws. These forward-looking statements involve a number of risks, uncertainties and other factors, which may cause the actual results to be materially different from those expressed or implied in the forward-looking statements. Important factors that could cause the statements made in this press release to differ include, without limitation, that the note offering is subject to a number of conditions and that there can be no assurance that the Company will pursue or consummate any acquisition, or if the Company were to consummate an acquisition, the terms thereof. Other important factors are discussed under the caption "Forward-Looking Statements" in the Company's Form 10-K Annual Report for the year ended December 31, 2008 and in subsequent filings. The Company does not intend to review or revise any particular forward-looking statement in light of future events.

About Crown Holdings, Inc.

Crown Holdings, Inc., through its affiliated companies, is a leading supplier of packaging products to consumer marketing companies around the world. World headquarters are located in Philadelphia, Pennsylvania.

For more information, contact: Timothy J. Donahue, Executive Vice President and Chief Financial Officer, (215) 698-5088.

SOURCE Crown Holdings, Inc.