Crown Holdings intends to permanently reduce bank debt using proceeds from notes offering

By Sara Rosenberg

New York, May 5 - Crown Holdings Inc. plans to permanently repay some debt under its credit facility using proceeds from a senior unsecured notes offering that is expected to generate $250 million in net proceeds, according to a news release.

Remaining proceeds will be used for the repurchase of a portion of Crown European Holdings SA's first-priority notes and/or the funding of one or more acquisitions.

Pending such application, the proceeds will be used to temporarily repay existing debt under the company's senior secured revolver and accounts receivable securitization facilities.

Crown is a Philadelphia-based supplier of packaging products to consumer marketing companies.

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