CROWN HOLDINGS, INC. ANNOUNCES PRICING OF SENIOR NOTES

Rhea-AI Summary

Crown Holdings, Inc. (NYSE: CCK) announced the pricing of a $500 million offering of 5.250% senior unsecured notes due in 2030 by its subsidiary Crown Americas LLC. The offering is guaranteed by Crown and certain subsidiaries, with the net proceeds intended for general corporate purposes. The notes will be privately placed and resold to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S. The press release emphasizes the forward-looking nature of the offering, noting potential risks and conditions that could affect completion.

Positive

• The $500 million senior notes offering demonstrates Crown's ability to raise capital for growth.
• The interest rate of 5.250% is competitive, indicating favorable market conditions.

Negative

• The offering is subject to conditions and approvals, raising uncertainty about its completion.
• The notes are not registered under the Securities Act, limiting their marketability.

YARDLEY, Pa., March 15, 2022 /PRNewswire/ -- Crown Holdings, Inc. (NYSE: CCK) announced today that it has priced its offering of $500 million principal amount of 5.250% senior unsecured notes due 2030 issued at par by its subsidiary Crown Americas LLC.

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

Crown intends to use the net proceeds from the offering 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, 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, 2021 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.

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 Yardley, Pennsylvania.

For more information, contact: Thomas T. Fischer, Vice President, Investor Relations and Corporate Affairs, (215) 552-3720.

View original content:https://www.prnewswire.com/news-releases/crown-holdings-inc-announces-pricing-of-senior-notes-301502914.html

SOURCE Crown Holdings, Inc.

FAQ

What is the purpose of the $500 million notes offering by Crown Holdings (CCK)?

The net proceeds from the offering are intended for general corporate purposes.

When do the senior unsecured notes due from Crown Holdings (CCK) mature?

The senior unsecured notes will mature in 2030.

What is the interest rate on the senior unsecured notes offered by Crown Holdings (CCK)?

The interest rate on the notes is set at 5.250%.

Who guarantees the senior unsecured notes issued by Crown Holdings (CCK)?

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

What risks are associated with Crown Holdings' (CCK) notes offering?

The offering is subject to various risks and uncertainties that could affect its completion.