CROWN HOLDINGS, INC. ANNOUNCES SENIOR NOTES OFFERING

Rhea-AI Summary

Crown Holdings (NYSE: CCK) has announced plans to offer $500 million in senior unsecured notes due 2033 through its subsidiary Crown Americas LLC. The company intends 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 and cover related expenses.

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 U.S. without registration or an applicable exemption.

Positive

• Refinancing of existing debt with new notes due 2033, extending debt maturity profile
• Strategic use of multiple funding sources including cash on hand and credit facility for debt management

Negative

• Increased debt load through new $500 million notes offering
• Potential impact on company's leverage and interest expenses

TAMPA, Fla., May 12, 2025 /PRNewswire/ -- Crown Holdings, Inc. (NYSE: CCK) announced today that it intends to offer $500 million aggregate principal amount of senior unsecured notes due 2033 issued by its subsidiary Crown Americas LLC, subject to market conditions.

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 4.750% senior notes due 2026, and to pay related fees and expenses.

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 contemplated size of the note offering, expected completion of the note offering, the interest rate, maturity date and other terms of any notes that may be issued, the prospective impact of the note offering, and the anticipated use of proceeds from the offer, 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 and the final terms may vary substantially as a result of market and other conditions.  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, 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 is the size of Crown Holdings (CCK) new senior notes offering in 2025?

Crown Holdings announced a $500 million aggregate principal amount of senior unsecured notes due 2033 through its subsidiary Crown Americas LLC.

What will Crown Holdings (CCK) use the proceeds from the 2025 notes offering for?

The proceeds will be used to repay the 4.750% senior notes due 2026, along with related fees and expenses, using a combination of the new notes, cash on hand, and borrowings from their senior secured revolving credit facility.

Who can purchase Crown Holdings (CCK) new senior notes offering?

The notes will be sold to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S of the Securities Act through a private placement.

When will Crown Holdings (CCK) new senior notes mature?

The new senior unsecured notes will mature in 2033.