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Published on 7/28/2010 in the Prospect News High Yield Daily and Prospect News Liability Management Daily.

Crown Holdings to redeem all of subsidiaries' 7 5/8% notes due 2013

By Devika Patel

Knoxville, Tenn., July 28 - Crown Holdings, Inc. announced that subsidiaries Crown Americas LLC and Crown Americas Capital Corp. will redeem all of their 7 5/8% senior notes due 2012 at 103.813 plus interest to, but not including, Aug. 27, the redemption date.

The company plans to fund the redemption with a portion of the proceeds from an offering of 7 1/8% senior notes due 2018, which was recently issued by Crown European Holdings SA, a subsidiary.

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


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