CROWN HOLDINGS, INC. ANNOUNCES PRICING OF SENIOR NOTES
Crown Holdings (NYSE: CCK) has announced the pricing of $700 million in senior unsecured notes due 2033, issued at par through its subsidiary Crown Americas LLC with a 5.875% interest rate. The notes will be unconditionally guaranteed by Crown and certain subsidiaries. The company plans to use the proceeds, along with cash on hand and borrowings from its senior secured revolving credit facility, to repay its 4.750% senior notes due 2026.
The notes will be issued through a private placement and resold to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S of the Securities Act. The notes have not been registered under the Securities Act and cannot be offered or sold in the United States without registration or an applicable exemption.
Crown Holdings (NYSE: CCK) ha annunciato il prezzo di 700 milioni di dollari in obbligazioni senior non garantite con scadenza nel 2033, emesse a valore nominale tramite la sua controllata Crown Americas LLC, con un tasso di interesse del 5,875%. Le obbligazioni saranno garantite incondizionatamente da Crown e da alcune sue controllate. L'azienda intende utilizzare i proventi, insieme alla liquidità disponibile e ai finanziamenti ottenuti dalla sua linea di credito senior garantita revolving, per rimborsare le sue obbligazioni senior al 4,750% in scadenza nel 2026.
Le obbligazioni saranno emesse tramite collocamento privato e rivendute a investitori istituzionali qualificati ai sensi della Regola 144A e a soggetti non statunitensi in base al Regolamento S del Securities Act. Le obbligazioni non sono state registrate ai sensi del Securities Act e non possono essere offerte o vendute negli Stati Uniti senza registrazione o un'esenzione applicabile.
Crown Holdings (NYSE: CCK) ha anunciado la fijación del precio de 700 millones de dólares en bonos senior no garantizados con vencimiento en 2033, emitidos a la par a través de su subsidiaria Crown Americas LLC, con una tasa de interés del 5,875%. Los bonos estarán garantizados incondicionalmente por Crown y ciertas subsidiarias. La compañía planea utilizar los ingresos, junto con el efectivo disponible y los préstamos de su línea de crédito revolvente senior garantizada, para pagar sus bonos senior al 4,750% con vencimiento en 2026.
Los bonos se emitirán mediante colocación privada y se revenderán a compradores institucionales calificados bajo la Regla 144A y a personas no estadounidenses bajo el Reglamento S de la Ley de Valores. Los bonos no han sido registrados bajo la Ley de Valores y no pueden ser ofrecidos o vendidos en los Estados Unidos sin registro o una exención aplicable.
Crown Holdings (NYSE: CCK)는 자회사 Crown Americas LLC를 통해 액면가로 발행된 2033년 만기 7억 달러 규모의 선순위 무담보 채권을 5.875% 이자율로 가격을 확정했다고 발표했습니다. 해당 채권은 Crown 및 일부 자회사가 무조건적으로 보증합니다. 회사는 이 수익금과 보유 현금, 그리고 선순위 담보 회전 신용 시설에서의 차입금을 활용해 2026년 만기 4.750% 선순위 채권을 상환할 계획입니다.
이 채권은 사모 방식으로 발행되며, 증권법 규칙 144A에 따른 적격 기관 투자자 및 증권법 규정 S에 따른 미국 외 투자자에게 재판매됩니다. 이 채권은 증권법에 등록되지 않았으며, 등록 또는 해당 면제 없이 미국 내에서 제공되거나 판매될 수 없습니다.
Crown Holdings (NYSE : CCK) a annoncé le prix de ses obligations senior non garanties d'un montant de 700 millions de dollars arrivant à échéance en 2033, émises à leur valeur nominale par sa filiale Crown Americas LLC, avec un taux d'intérêt de 5,875%. Ces obligations seront garanties de manière inconditionnelle par Crown et certaines filiales. La société prévoit d'utiliser les fonds levés, ainsi que la trésorerie disponible et les emprunts issus de sa facilité de crédit renouvelable senior garantie, pour rembourser ses obligations senior à 4,750% arrivant à échéance en 2026.
Les obligations seront émises par placement privé et revendues à des investisseurs institutionnels qualifiés selon la règle 144A et à des personnes non américaines conformément au règlement S du Securities Act. Ces obligations n'ont pas été enregistrées en vertu du Securities Act et ne peuvent être offertes ou vendues aux États-Unis sans enregistrement ou exemption applicable.
Crown Holdings (NYSE: CCK) hat die Preisfestsetzung von 700 Millionen US-Dollar an unbesicherten vorrangigen Schuldverschreibungen mit Fälligkeit 2033 bekannt gegeben, die zum Nennwert über seine Tochtergesellschaft Crown Americas LLC mit einem Zinssatz von 5,875% ausgegeben werden. Die Schuldverschreibungen werden bedingungslos von Crown und bestimmten Tochtergesellschaften garantiert. Das Unternehmen plant, die Erlöse zusammen mit verfügbaren Barmitteln und Krediten aus seiner besicherten revolvierenden Kreditfazilität zur Rückzahlung seiner 4,750% vorrangigen Schuldverschreibungen mit Fälligkeit 2026 zu verwenden.
Die Schuldverschreibungen werden im Rahmen einer Privatplatzierung ausgegeben und gemäß Regel 144A an qualifizierte institutionelle Käufer sowie gemäß Regulation S an Nicht-US-Personen weiterverkauft. Die Schuldverschreibungen sind nicht nach dem Securities Act registriert und dürfen ohne Registrierung oder eine anwendbare Ausnahme nicht in den Vereinigten Staaten angeboten oder verkauft werden.
- Successful pricing of $700 million senior notes offering indicates strong market confidence
- Extended debt maturity profile from 2026 to 2033 through refinancing
- Maintains financial flexibility through diversified funding sources including cash and credit facility
- Higher interest rate on new notes (5.875%) compared to existing notes (4.750%) will increase interest expenses
- Additional borrowings from revolving credit facility may increase overall debt burden
Insights
Crown Holdings is refinancing debt with higher-interest notes, likely extending maturity while increasing long-term interest costs.
Crown Holdings has priced
This refinancing represents a strategic liability management move but comes with trade-offs. Crown is exchanging lower-interest debt (
The decision to refinance now, rather than waiting until closer to maturity, suggests management may be concerned about potentially higher interest rates in the future or wants to eliminate refinancing uncertainty. The private placement to qualified institutional buyers under Rule 144A indicates the company is targeting sophisticated investors rather than retail markets.
This transaction should be viewed in the context of the current interest rate environment, where companies are balancing the cost of capital against maturity schedule optimization. While Crown will face higher interest costs, the extended maturity and potential reduction in overall leverage (depending on the amount of cash used) could strengthen its long-term financial position despite the higher coupon rate.
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 and borrowings under Crown's senior secured revolving credit facility, to repay the
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 under Regulation S of the Securities Act. The notes have not been 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 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, 2024 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 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.
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