Crown Holdings aiming for total debt below $3 billion by end of 2006

By Sara Rosenberg

New York, March 24 - Crown Holdings Inc. is hoping to reduce its total debt to less than $3 billion before the end of 2006 and reduce leverage by a little bit more than 1½ times, the company revealed at the Lehman Brothers High Yield Bond & Syndicated Loan Conference on Wednesday.

"Total debt we're levered about 5.2 times and on a net debt basis 4.7 times. Still a little bit high for where we'd like to be but considerably better than 6½ times where we were at the end of 2001," said Timothy Donahue, senior vice president finance, at the conference.

"We'd like our leverage to be no more than 3½ times and we'd like to see by the end of '06 our total debt to be less than $3 billion," Donahue added.

As of Dec. 31, 2003, total debt was $3.939 billion.

Crown Holdings is a Philadelphia designer, manufacturer and seller of packaging products for consumer goods.

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