Crown Holdings begins tender offer for Crown European's 6¼% notes

By Angela McDaniels

Tacoma, Wash., Sept. 3 - Crown Holdings, Inc. has begun a tender offer for any and all of subsidiary Crown European Holdings SA's €460 million principal amount of 6¼% first-priority senior secured notes due 2011, according to a company news release.

The purchase price is €1,045 per €1,000 principal amount of notes. Holders will also receive accrued interest up to but excluding the settlement date.

The offer will expire at 11 a.m. ET on Sept. 11.

Crown Holdings plans to use its cash on hand and/or proceeds from borrowings under its existing revolving credit facility and North American securitization facility to fund the offer. The offer is subject to the receipt of these funds, but it is not contingent on the tender of any minimum principal amount of notes.

The company said the main purpose of the offer is to reduce debt and free up first-lien coverage.

Citigroup Global Markets Inc. (212 723-6106 or +44 207 7986 8969) and Royal Bank of Scotland plc (+44 0 20 7085 8354/4634/3781) are the dealer managers, and Lucid Issuer Services Ltd. (+44 0 20 7704 0880) is the information and tender agent.

Crown Holdings is based in Philadelphia and makes packaging products through its subsidiaries.

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