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Crown Americas notes price at par to yield 4.5%; terms

Crown Americas today completed an offering of senior notes via bookrunners Deutsche Bank, BNP, Bank of America, Citi, and Wells Fargo, according to sources. Pricing came at the midpoint of talk after a $300 million upsizing. Proceeds from the deal will be used to refinance the company’s $400 million issue of 7.625% notes due 2017. Funds will also be used for general corporate purposes, including temporary repayment of revolver borrowings, according to an SEC filing. Philadelphia-based Crown Holdings, formerly Crown Cork & Seal, supplies packaging products to consumer-marketing companies around the world. Terms:

 

Issuer Crown Americas
Ratings BB/Ba2 (exp)
Amount $800 million
Issue senior notes (144A)
Coupon 4.5%
Price 100
Yield 4.5%
Spread T+262
FRN eq. L+259
Maturity Jan. 15, 2023
Call nc-life
Trade Jan. 3, 2012
Settle Jan. 9, 2013 (T+4)
Joint Bookrunners DB/BNP/BAML/Citi/WF
Co-leads
Co’s.
Px talk 4.5% area
Notes w/ change of control put @ 101; upsized by $300 million.

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