Crown Holdings, Inc. Announces Redemption of 7 5/8% Senior Notes Due 2013

Wednesday, July 28, 2010
Investors

PHILADELPHIA, July 28, 2010 /PRNewswire via COMTEX/ --

Crown Holdings, Inc. (the "Company") (NYSE: CCK) today announced that Crown Americas LLC and Crown Americas Capital Corp., each a wholly-owned subsidiary of the Company (collectively, the "Issuers"), have notified the holders of the Issuers' 7 5/8% Senior Notes due 2013 (the "Notes") that they will redeem all of the outstanding Notes on August 27, 2010 (the "Redemption Date"). $200 million aggregate principal amount of the Notes are currently outstanding. The Notes will be redeemed at a price equal to 103.813% of the principal amount of the Notes, plus accrued and unpaid interest up to, but not including, the Redemption Date.

 

Payment of the redemption price will be made by The Bank of New York Mellon Trust Company on the Redemption Date upon presentation and surrender of the Notes as set forth in the redemption notice. The Company intends to fund the redemption with a portion of the proceeds from the 7 1/8% Senior Notes due 2018 recently issued by Crown European Holdings SA, a wholly-owned subsidiary of the Company. The Company expects to incur a charge in its third quarter 2010 financial results upon extinguishment of the Notes of approximately $9 million ($6 million after-tax or $0.04 per diluted share).

Cautionary Note Regarding Forward-Looking Statements

Except for historical information, all other information in this press release consists of forward-looking statements. These forward-looking statements involve a number of risks, uncertainties and other factors, including the source of funding for the redemption and the prospective impact of the redemption to the Company's financial results, that may cause 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 the Company to differ are discussed under the caption "Forward-Looking Statements" in the Company's Form 10-K Annual Report for the year ended December 31, 2009 and in subsequent filings made prior to or after the date hereof. The Company does not intend to review or revise any particular forward-looking statement in light of future events.

Crown Holdings, Inc., through its subsidiaries, is a leading supplier of packaging products to consumer marketing companies around the world. World headquarters are located in Philadelphia, Pennsylvania.


    For more information, contact:
    Thomas A. Kelly, Senior Vice President -
     Finance, (215) 698-5341, or
    Ed Bisno, Bisno Communications,
    (212) 717-7578.

SOURCE Crown Holdings, Inc.

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