By Paul A. Harris
Portland, Ore., March 14 – Crown Americas LLC priced a $500 million issue of eight-year senior bullet notes (Ba3/BB-) at par to yield 5¼% in a Monday drive-by, according to market sources.
The yield printed at the tight end of yield talk in the 5 3/8% area but in the middle of initial guidance in the 5¼% area.
On Monday afternoon Crown's deal was heard to be two-times oversubscribed (a certain portion of that demand subject to final pricing) and playing to over $600 million of reverse inquiry, a sellside source said.
The bonds were 99¾ bid, par ¼ offered at the Monday close, the source added.
Active bookrunner BNP Paribas Securities Corp. will bill and deliver. Citigroup Global Markets Inc. and Mizuho Securities USA Inc. were also active bookrunners.
Passive bookrunners were Deutsche Bank Securities Inc., MUFG, PNC Capital Markets LLC, Santander Investment Securities Inc., Scotia Capital (USA) Inc., SMBC Nikko Securities America Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC.
The Yardley, Pa.-based metal container manufacturer, supplying the food, beverage and household goods markets, plans to use the proceeds for general corporate purposes.
| Issuer: | Crown Americas LLC
|
| Amount: | $500 million
|
| Issue: | Senior notes
|
| Maturity: | April 1, 2030
|
| Active bookrunners: | BNP Paribas Securities Corp. (bill and deliver), Citigroup Global Markets Inc. and Mizuho Securities USA Inc.
|
| Passive bookrunners: | Deutsche Bank Securities Inc., MUFG, PNC Capital Markets LLC, Santander Investment Securities Inc., Scotia Capital (USA) Inc., SMBC Nikko Securities America Inc., TD Securities (USA) LLC and Wells Fargo Securities LLC
|
| Co-managers: | Citizens Capital Markets Inc., Credit Agricole CIB, Goldman Sachs & Co. LLC, ING Financial Markets LLC, Rabo Securities USA Inc. and UniCredit Capital Markets LLC
|
| Coupon: | 5¼%
|
| Price: | Par
|
| Yield: | 5¼%
|
| Call protection: | Make-whole call at Treasuries plus 50 bps until three months prior to maturity, then callable at par, otherwise non-callable
|
| Trade date: | March 14
|
| Settlement date: | March 17
|
| Ratings: | Moody's: Ba3
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 5 3/8% area
|
| Marketing: | Drive-by
|
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