Moody’s: Crown Americas notes Ba3, Crown European notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to the $350 million senior unsecured notes due 2026 of Crown Americas LLC and a Ba2 rating to the €310 million senior unsecured notes due 2024 of Crown European Holdings SA, both are subsidiaries of Crown Holdings, Inc.

The company's Ba2 corporate family rating, Ba2-PD probability of default rating and other instrument ratings were unchanged.

The outlook is stable.

The Ba2 rating for the senior unsecured notes at Crown European is one notch higher than the Ba3 rating for the senior unsecured notes at Crown Americas because the former will be unconditionally guaranteed on an unsecured basis by U.S. domestic and certain foreign subsidiaries while the latter is guaranteed only by U.S. domestic subsidiaries, the agency said.

Proceeds from the new senior notes, along with $10 million cash from the balance sheet, will be used to partially repay term loan A as well as pay fees and expenses related to the transaction.

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