Crown Declares Early Settlement Date for 2018 Notes - Analyst Blog


Crown Holdings, Inc. ( CCK ) announced the early settlement date and the results of the early tender period for its previously announced tender offer. The offer was to purchase Crown European Holdings S.A.'s €500 million (around $680 million) of outstanding senior unsecured notes due 2018.

On Jul 7, €357,976,000 principal amount of the 2018 Notes, representing 71.60% of the principal amount outstanding, had been validly tendered. Crown Holdings has accepted for purchase all such 2018 Notes.

Holders of 2018 Notes will receive €1,042.21 for each €1,000 principal amount. They will also receive accrued and unpaid interest up to, but not including, the early settlement date.  The early settlement date for the 2018 Notes is Jul 9, 2014.

If not extended, the offer will expire on Jul 22.  Holders of 2018 Notes that are validly tendered after the early tender deadline but before the expiration time will receive €1,022.21 per €1,000 principal amount of the 2018 Notes, plus any accrued and unpaid interest up to, but not including, the final settlement date.

In addition, Crown Holdings' intention to redeem 2018 Notes as previously declared remains unchanged. The redemption price is equal to the principal amount of 2018 Notes redeemed plus a make-whole premium as of and accrued and unpaid interest to the redemption date.  

Payment of the redemption price will be made by The Bank of New York Mellon Corporation ( BK ) on the redemption date upon presentation and surrender of the 2018 Notes on Jun 27, 2014.  The Bank of New York Mellon also acts as trustee for the 2018 Notes.

Philadelphia-based Crown is a leading supplier of packaging products to consumer marketing companies. The company manufactures aluminum beverage cans, food cans, aerosol cans and other packaging products.

Crown Holdings currently holds a Zacks Rank #2 (Buy).

Some better-ranked players in the same industry include Graphic Packaging Holding Company ( GPK ) and Sonoco Products Co. ( SON ). Both carrying a Zacks Rank #2 (Buy).

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: Investing , Business , Stocks

Referenced Stocks: CCK , SON , BK , GPK

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