PHILADELPHIA, Sept. 6, 2016 /PRNewswire/ -- Crown Holdings, Inc. (NYSE: CCK) announced today that it intends to offer €310 million in aggregate principal amount of senior unsecured notes due 2024 issued by Crown European Holdings S.A., a subsidiary of Crown, and $350 million in aggregate principal amount of senior unsecured notes due 2026 issued by Crown Americas LLC and Crown Americas Capital Corp. V, subsidiaries of Crown, subject to market conditions. Both sets of notes would be unconditionally guaranteed by Crown and certain of its subsidiaries.
Crown intends to use the net proceeds of the offerings, together with other available funds, to repay a portion of its term loan facility, to pay fees and expenses associated with the offerings of the notes and for general corporate purposes.
The notes would be issued through a private placement and resold by initial purchasers to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act of 1933, as amended, and to non-U.S. persons outside the United States under Regulation S under the Securities Act. The notes would not be registered under the Securities Act and could 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, including regarding the contemplated size of the note offerings, possible completion of the note offerings, the interest rates, maturity dates and other terms of any notes that may be issued, the prospective impact of the note offerings, plans to repay certain indebtedness and the potential use of proceeds of the note offerings in excess of €310 million and/or $350 million in aggregate principal amount for other general corporate purposes, which may cause the actual results to be materially different from those expressed or implied in the forward-looking statements. Other important factors that could cause the statements made in this press release to differ include, without limitation, that the note offerings are subject to a number of conditions and approvals and the final terms may vary substantially as a result of market and other conditions. There can be no assurance that the note offerings will be completed as described herein or at all. Other important factors are discussed under the caption "Forward-Looking Statements" in Crown's Form 10-K Annual Report for the year ended December 31, 2015 and in subsequent filings. Crown does not intend to review or revise any particular forward-looking statement in light of future events. Dechert LLP is counsel to Crown Holdings, Inc.
About Crown Holdings, Inc.
Headquartered in Philadelphia, PA, Crown Holdings, Inc. is a leading manufacturer of packaging products for consumer marketing companies around the world. Crown makes a wide range of metal packaging for food, beverage, household and personal care and industrial products and metal vacuum closures and caps. For more information, visit www.crowncork.com.
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SOURCE Dechert LLP; Crown Holdings, Inc.