Crown Holdings amends indenture of 6¼% notes

By Jennifer Chiou

New York, Dec. 7 - Crown Holdings, Inc. announced the successful completion of its consent solicitation for the 6¼% first-priority senior secured notes due 2011 of subsidiary Crown European Holdings SA.

The consent solicitation ended at 5 p.m. ET on Dec. 4.

The Philadelphia-based designer, manufacturer and seller of packaging products for consumer goods said it executed a supplemental indenture.

On Nov. 21, the company began soliciting consents to amend the indenture governing the notes to generally conform certain provisions of the indenture to comparable provisions of its senior secured credit facility.

Among other things, the amendments allow Crown to incur an additional $200 million of indebtedness secured by the collateral securing the notes and to make $100 million of additional restricted payments of any type, including restricted payments for the repurchase or other acquisition of shares.

The company needed consents from holders of at least a majority in principal amount of the outstanding notes.

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