Crown Cork & Seal Announces Completion of Constar International Inc. Initial Public Offering

PHILADELPHIA, Nov. 20 /PRNewswire-FirstCall/ -- Crown Cork & Seal Company, Inc. (NYSE: CCK) today announced that it has completed the sale of 10.5 million shares of common stock of Constar International Inc. (Nasdaq: CNST) representing approximately 88% of the outstanding common stock of Constar. Crown has granted the underwriters an over-allotment option to purchase all or a portion of the remaining 1.5 million shares of Constar common stock owned by Crown. Gross proceeds from Crown's sale of Constar shares are approximately $126 million, and may be increased to $144 million if the over-allotment option is exercised in full. Crown also announced that Constar has used the proceeds of its concurrent senior subordinated notes offering and initial borrowings under its senior secured credit facility to repay its $350 million note to Crown. Crown has applied the proceeds from these transactions, net of expenses, to repay a portion of Crown's outstanding indebtedness.

For the twelve months ended September 30, 2002, Constar reported total net sales of $715 million and EBITDA of $84.4 million.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Copies of the written prospectuses relating to the offerings may be obtained from Salomon Smith Barney, Brooklyn Army Terminal, 140 58th Street, Brooklyn, New York 11220 or from Deutsche Bank Securities, 3921 Vero Road, Suite J, Catonsville, Maryland 21227.

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, which may cause the actual results to be materially different from those expressed or implied in the forward-looking statements. 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 are discussed under the caption "Forward-Looking Statements" in Crown's Form 10-K Annual Report for the year ended December 31, 2001 and in subsequent filings. Crown does not intend to review or revise any particular forward-looking statement in light of future events.

Crown Cork & Seal is a leading supplier of packaging products to consumer marketing companies around the world. World headquarters are located in Philadelphia, Pennsylvania.

SOURCE Crown Cork & Seal Company, Inc.