Crown Holdings, Inc.
) 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
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
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
Payment of the redemption price will be made by
The Bank of New York Mellon Corporation
) 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
Crown Holdings currently holds a Zacks Rank #2 (Buy).
Some better-ranked players in the same industry include
Graphic Packaging Holding Company
Sonoco Products Co.
). Both carrying a Zacks Rank #2 (Buy).
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CROWN HLDGS INC (CCK): Free Stock Analysis
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