Moody's: Crown unaffected by upsizing

Moody's Investors Service said Crown Holdings, Inc.’s Ba1 corporate family rating, stable outlook and other instrument ratings are unchanged following the company’s announcement that it increased the size of its 4% senior secured notes due 2022 to €650 million from $500 million.

The company intends to use the proceeds to retire all of Crown European Holdings SA's outstanding €500 million senior notes due 2018 and for general corporate purposes, which may consist of the funding of cquisitions, the permanent repayment of term loan debt under its senior secured credit facilities and/or the repurchase of outstanding senior notes.

The agency expects Crown to benefit from the recent Mivisa acquisition and to dedicate a sufficient portion of its prodigious free cash flow to pay down other debt and improve credit metrics to a level commensurate with the Ba1 corporate family rating.

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