Crown Cork starts tender for 8 3/8% note, 6% notes

New York, Feb. 4 - Crown Holdings, Inc. said its Crown Cork & Seal Co., Inc. and Crown Cork & Seal Finance SA subsidiaries will begin cash tender offers for two series of notes on Feb. 5.

Crown Cork & Seal Co. is offering to buy any and all of its $60.0 million principal amount of 8 3/8% notes due Jan. 15, 2005. The company will pay $1,045 per $1,000 principal amount.

Crown Cork & Seal Finance is offering to buy any up to €86 million or 80% of its €107.3 million 6% notes due Dec. 6, 2004. The company will pay €1,030 per €1,000 principal amount.

In both cases, holders will also receive accrued interest up to but not including the date of purchase.

The tenders will expire at 5 p.m. ET on March 5, unless extended.

The Philadelphia packaging company said each tender is independent and may be amended, extended or terminated individually.

If the offer for the 8 3/8% notes is undersubscribed and the offer for the 6% notes is oversubscribed, the companies reserve the right to use the unused portion of the 8 3/8% note consideration to purchase 6% notes.

The information agent and depositary is The Bank of New York.

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