Crown Holdings seeks $1 billion senior secured revolving facility

By Sara Rosenberg

New York, May 26 - Crown Holdings Inc. is in market with a $1 billion senior secured revolving credit facility due in 2015, a market source told Prospect News.

Deutsche Bank is the left lead bank on the deal.

Proceeds will be used to refinance the company's existing revolver that matures on May 15, 2011 and to repay about $200 million of U.S. and euro term loan debt.

To the extent that lenders under the company's existing revolver do not participate as lenders under the new revolver, those existing revolver commitments will remain outstanding, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Prior to the maturity of the existing revolver, borrowings under the existing revolver and the new revolver are expected to be limited to $1 billion in the aggregate.

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

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