Crown Holdings Extends and Increases Its Revolving Credit Facilities and Prepays $400 Million of Term Debt

Jun 15, 2010, 17:20 ET from Crown Holdings, Inc.

PHILADELPHIA, June 15 /PRNewswire-FirstCall/ -- Crown Holdings, Inc. (NYSE: CCK) today announced that it has amended its existing senior secured credit facilities to extend the maturity date of its revolving facilities and increase from $800 million to $1.2 billion the aggregate principal amount available thereunder.  The Company's amended senior secured credit facilities now include new revolving facilities that will mature on June 15, 2015 as well as the existing term loan facilities, which mature on November 15, 2012.  Borrowings under the new revolving facilities were used to repay $200 million of the Company's existing U.S. Dollar term loan facility and the equivalent of $200 million of the Company's existing euro term loan facility.  Deutsche Bank Securities Inc., Banc of America Securities LLC and The Royal Bank of Scotland PLC acted as Joint Lead Arrangers and Deutsche Bank Securities Inc., Banc of America Securities LLC, The Royal Bank of Scotland PLC and BNP Paribas acted as Joint Bookrunners for the transaction.

The new revolving credit facilities are subject to a pricing grid and have an initial pricing of 2.25% above Libor or Euribor, respectively.  Lenders under the extended revolving facilities include many of the lenders under the existing revolving credit facilities, who elected to convert their commitments thereunder into commitments under the extended revolving facilities, as well as new lenders.  Total availability under the existing revolving facilities, which mature on May 15, 2011, now consists of $194 million.  Prior to maturity of the existing revolving facilities, borrowings under the existing revolving facilities and the new revolving facilities are limited to $1.2 billion in the aggregate.

"We are very pleased with our restructured credit facilities," said Timothy J. Donahue, Executive Vice President and Chief Financial Officer of Crown.  "Due to strong demand from participating and new lenders, the Company was able to significantly upsize its revolvers and extend their maturities for four more years under attractive pricing terms in addition to enhancing flexibility under the facilities' operating covenants."

Cautionary Note Regarding Forward-Looking Statements

Except for historical information, all other information in this press release consists of forward-looking statements.  These forward-looking statements involve a number of risks, uncertainties and other factors, including the prospective impact of the Company's amended senior secured credit facilities and plans to reduce the Company's indebtedness, that may cause 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 or the actual results of operations or financial condition of the Company to differ are discussed under the caption "Forward-Looking Statements" in the Company's Form 10-K Annual Report for the year ended December 31, 2009 and in subsequent filings made prior to or after the date hereof. The Company does not intend to review or revise any particular forward-looking statement in light of future events.

About Crown Holdings

Crown Holdings, Inc., through its subsidiaries, 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:

Thomas A. Kelly, Senior Vice President – Finance, Tel: (215) 698-5341, or

Ed Bisno, Bisno Communications, Tel: (212) 717-7578

SOURCE Crown Holdings, Inc.