CROWN HOLDINGS, INC. ANNOUNCES PRICING OF SENIOR NOTES

Rhea-AI Summary

Crown Holdings, Inc. (NYSE: CCK) has priced an offering of €500 million principal amount of 4.750% senior unsecured notes due 2029 issued at par by its subsidiary Crown European Holdings S.A. The notes will be unconditionally guaranteed by Crown and certain of its subsidiaries. The net proceeds will be used to partially pay down the outstanding Term Loan A Facility and Term Euro Facility under Crown's credit agreement, and for general corporate purposes.

TAMPA, Fla., Nov. 30, 2023 /PRNewswire/ -- Crown Holdings, Inc. (NYSE: CCK) announced today that it has priced an offering of €500 million principal amount of 4.750% senior unsecured notes due 2029 issued at par by its subsidiary Crown European Holdings S.A.

The notes will be unconditionally guaranteed by Crown and certain of its subsidiaries.

Crown intends to use the net proceeds from the offering to partially pay down the outstanding Term Loan A Facility and Term Euro Facility under Crown's credit agreement, and for general corporate purposes.

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-U.S. persons outside the United States under Regulation S of the Securities Act. The notes would not be registered under the Securities Act and could not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security in any jurisdiction in which such offer or sale would be unlawful.

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 partially 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, 2022 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, Florida. For more information, visit www.crowncork.com.

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

What did Crown Holdings, Inc. (NYSE: CCK) announce?

Crown Holdings, Inc. announced the pricing of an offering of €500 million principal amount of 4.750% senior unsecured notes due 2029 issued by its subsidiary Crown European Holdings S.A.

How will the net proceeds from the offering be used?

The net proceeds will be used to partially pay down the outstanding Term Loan A Facility and Term Euro Facility under Crown's credit agreement, and for general corporate purposes.

Are the notes registered under the Securities Act?

No, the notes would not be registered under the Securities Act and could not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

What is the cautionary note regarding the press release?

The press release contains a cautionary note regarding the offer to sell or buy any security in jurisdictions where it would be unlawful.