CROWN HOLDINGS, INC. ANNOUNCES PRICING OF SENIOR NOTES
Crown Holdings, Inc. (NYSE: CCK) has announced the pricing of €600 million aggregate principal amount of 4.500% senior unsecured notes due 2030. The notes, issued at par by Crown's subsidiary Crown European Holdings S.A., will be unconditionally guaranteed by Crown and certain subsidiaries. Crown intends to use the net proceeds, along with cash on hand, to pay at maturity its outstanding 2.625% senior notes due in September 2024 and related fees and expenses.
The notes will be issued through a private placement and resold to qualified institutional buyers under Rule 144A and non-U.S. persons outside the United States under Regulation S of the Securities Act. The notes are not registered under the Securities Act and cannot be offered or sold in the United States without registration or an applicable exemption.
Crown Holdings, Inc. (NYSE: CCK) ha annunciato il pricing di un ammontare aggregato di €600 milioni di note senior non garantite con un interesse del 4,500% in scadenza nel 2030. Le note, emesse al valore nominale dalla sussidiaria di Crown, Crown European Holdings S.A., saranno garantite incondizionatamente da Crown e alcune sue sussidiarie. Crown intende utilizzare i proventi netti, insieme alla liquidità disponibile, per rimborsare a scadenza le sue note senior del 2,625% in scadenza a settembre 2024 e le relative spese e commissioni.
Le note saranno emesse tramite collocamento privato e rivendute a investitori istituzionali qualificati ai sensi della Regola 144A e a persone non statunitensi al di fuori degli Stati Uniti ai sensi della Regolamentazione S del Securities Act. Le note non sono registrate ai sensi del Securities Act e non possono essere offerte o vendute negli Stati Uniti senza registrazione o un'esenzione applicabile.
Crown Holdings, Inc. (NYSE: CCK) ha anunciado el precio de un monto total de €600 millones de notas senior no garantizadas con un interés del 4,500% que vencen en 2030. Las notas, emitidas a la par por la subsidiaria de Crown, Crown European Holdings S.A., estarán garantizadas de manera incondicional por Crown y ciertas subsidiarias. Crown tiene la intención de utilizar los ingresos netos, junto con el efectivo disponible, para pagar al vencimiento sus notas senior del 2,625% que vencen en septiembre de 2024 y las tarifas y gastos relacionados.
Las notas se emitirán a través de una colocación privada y se revendrán a compradores institucionales calificados bajo la Regla 144A y a personas no estadounidenses fuera de los Estados Unidos bajo la Regulación S de la Ley de Valores. Las notas no están registradas bajo la Ley de Valores y no pueden ser ofrecidas o vendidas en los Estados Unidos sin registro o una exención aplicable.
Crown Holdings, Inc. (NYSE: CCK)는 2030년에 만기가 되는 4.500% 장기무보장 채권을 총 6억 유로에 발행한다고 발표했습니다. 이 채권은 Crown의 자회사인 Crown European Holdings S.A.에 의해 액면가로 발행되며, Crown과 일부 자회사에 의해 무조건 보증됩니다. Crown은 순수익을 사용하고자 합니다, 현금과 함께 2024년 9월에 만기가 되는 2.625% 장기 채권과 관련 수수료 및 비용을 상환하기 위해서입니다.
채권은 사모 발행을 통해 발행되며, 144A 규정에 따라 자격을 갖춘 기관 투자자에게 재판매되고, 미국 밖의 비미국인에게는 증권법의 규정 S 하에 재판매될 것입니다. 이 채권은 증권법에 따라 등록되지 않았으며, 등록이나 적용 가능한 면제 없이 미국 내에서 제공되거나 판매될 수 없습니다.
Crown Holdings, Inc. (NYSE: CCK) a annoncé le prix de 600 millions d'euros en montant principal de billets de trésorerie senior non garantis à 4,500% arrivant à échéance en 2030. Les billets, émis à valeur nominale par la filiale de Crown, Crown European Holdings S.A., seront garantis inconditionnellement par Crown et certaines filiales. Crown prévoit d'utiliser le produit net, ainsi que des liquidités disponibles, pour rembourser à l'échéance ses billets senior à 2,625% arrivant à échéance en septembre 2024, ainsi que les frais et dépenses connexes.
Les billets seront émis par le biais d'un placement privé et revendues à des acheteurs institutionnels qualifiés conformément à la règle 144A et à des personnes non américaines en dehors des États-Unis conformément à la réglementation S de la loi sur les valeurs mobilières. Les billets ne sont pas enregistrés en vertu de la loi sur les valeurs mobilières et ne peuvent être offerts ou vendus aux États-Unis sans enregistrement ou une exemption applicable.
Crown Holdings, Inc. (NYSE: CCK) hat die Preisfestlegung von unbesicherten nachrangigen Anleihen in Höhe von insgesamt 600 Millionen Euro mit einem Zinssatz von 4,500% bekannt gegeben, die 2030 fällig werden. Die Anleihen, die von der Tochtergesellschaft Crown European Holdings S.A. zum Nennwert ausgegeben werden, werden bedingungslos von Crown und bestimmten Tochtergesellschaften garantiert. Crown beabsichtigt, die Nettoerlöse, zusammen mit verfügbaren liquiden Mitteln, zur Begleichung der ausstehenden nachrangigen Anleihen mit 2,625%, die im September 2024 fällig werden, sowie der damit verbundenen Gebühren und Ausgaben zu verwenden.
Die Anleihen werden über eine Privatplatzierung ausgegeben und gemäß Regel 144A an qualifizierte institutionelle Käufer sowie an Nicht-US-Personen außerhalb der Vereinigten Staaten nach Regulation S des Securities Act weiterverkauft. Die Anleihen sind nicht nach dem Securities Act registriert und dürfen in den Vereinigten Staaten nicht angeboten oder verkauft werden, ohne eine Registrierung oder eine geltende Ausnahme.
- Successful pricing of €600 million in senior unsecured notes
- Notes issued at par, indicating strong market demand
- Proceeds will be used to refinance existing debt, potentially improving financial structure
- Increase in long-term debt with new 4.500% notes
- Potential increase in interest expenses compared to the 2.625% notes being repaid
Insights
Crown Holdings' recent €600 million senior notes offering is a strategic financial move that warrants attention. Priced at 4.500% and due in 2030, this debt issuance serves a dual purpose: refinancing existing debt and potentially improving the company's overall financial position.
The decision to replace the maturing 2.625% notes with new 4.500% notes reflects the current higher interest rate environment. While this increases Crown's interest expenses, it's a necessary step to maintain liquidity and manage debt maturities. The longer maturity to 2030 provides Crown with extended financial flexibility, which could be important for future strategic initiatives.
Investors should note that this refinancing doesn't significantly alter Crown's debt profile, as it's essentially replacing one debt with another. However, the higher interest rate will impact the company's interest coverage ratio and potentially its profitability. On the positive side, by addressing the upcoming maturity well in advance, Crown demonstrates proactive financial management and reduces near-term refinancing risk.
The private placement nature of this offering to qualified institutional buyers suggests that Crown is tapping into a sophisticated investor base, potentially securing more favorable terms than a public offering might have yielded in the current market conditions.
Overall, while this move increases Crown's interest burden, it strengthens the company's liquidity position and extends its debt maturity profile, which could be viewed positively by the market in terms of financial stability.
Crown Holdings' latest debt offering provides interesting insights into both the company's strategy and broader market trends. The €600 million issuance in the European market suggests Crown's continued focus on its international operations, particularly in Europe where it has significant presence in the packaging industry.
The
Interestingly, despite the higher rate, Crown has managed to secure a relatively long-term commitment, with the notes maturing in 2030. This suggests that investors have confidence in Crown's long-term prospects and the stability of the packaging sector. The packaging industry, particularly in Europe, has shown resilience and is expected to grow, driven by e-commerce and sustainable packaging trends.
The private placement approach indicates that Crown is leveraging its relationships with institutional investors. This method often allows for more flexible terms and can be executed more quickly than a public offering, which is advantageous in a volatile market.
For the broader market, this offering signals that despite higher interest rates, there's still appetite for corporate debt from quality issuers. It also highlights the ongoing importance of proactive debt management for large corporations in maintaining financial flexibility and investor confidence.
The notes will be unconditionally guaranteed by Crown and certain of its subsidiaries.
Crown intends to use the net proceeds from the offering, together with cash on hand, to pay at maturity Crown's outstanding
The notes would be issued through a private placement and resold by initial purchasers to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act of 1933, as amended, and to non-
Cautionary Note Regarding Forward-Looking Statements
Except for historical information, all other information in this press release consists of forward-looking statements within the meaning of the federal securities laws. These forward-looking statements involve a number of risks, uncertainties and other factors, including regarding the expected completion of the note offering and the prospective impact of the note offering and plans to repay certain indebtedness with the proceeds from the offering, any of which may cause the actual results to be materially different from those expressed or implied in the forward-looking statements. Other important factors that could cause the statements made in this press release or the actual results of operations or financial condition of Crown to differ include, without limitation, that the note offering is subject to a number of conditions and approvals. There can be no assurance that the note offering will be completed as described herein or at all. Other important factors are discussed under the caption "Forward-Looking Statements" in Crown's Form 10-K Annual Report for the year ended December 31, 2023 and in subsequent filings made prior to or after the date hereof. Crown does not intend to review or revise any particular forward-looking statement in light of future events.
No PRIIPs KID
Not for retail investors in the European Economic Area ("EEA") or the United Kingdom. No PRIIPs key information document (KID) has been prepared as not available to retail investors in the EEA or the United Kingdom.
About Crown Holdings, Inc.
Crown Holdings, Inc., through its subsidiaries, is a leading global supplier of rigid packaging products to consumer marketing companies, as well as transit and protective packaging products, equipment and services to a broad range of end markets. World headquarters are located in Tampa,
For more information, contact: Thomas T. Fischer, Vice President, Investor Relations and Corporate Affairs, (215) 552-3720
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SOURCE Crown Holdings, Inc.
FAQ
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