Crown Holdings lifts euro term loan A and Farm Credit tranche sizes

By Sara Rosenberg

New York, Dec. 11 - Crown Holdings Inc. upsized its euro five-year term loan A to €700 million from €400 million and its six-year Farm Credit tranche to $362 million from $300 million, according to a market source.

The euro term loan A includes a delayed-draw portion of €590 million, which was increased from €290 million, resulting in the new €700 million total tranche size, the source explained.

The company's credit facility also includes a $1.2 billion five-year revolver and an $800 million five-year term loan A.

Pricing on the revolver and U.S. and euro term loan A's is Libor/Euribor plus 175 basis points, and pricing on the Farm loan is Libor plus 200 bps.

Citigroup Global Markets Inc., BNP Paribas Securities Corp., Deutsche Bank Securities Inc., Bank of America Merrill Lynch, RBS Securities Inc., Santander and Wells Fargo Securities LLC are the lead banks on the debt (Baa1/BBB-).

Allocations are expected to go out on Thursday, the source added.

Proceeds will be used to help fund the acquisition of Mivisa Envases SAU for €1.2 billion from Blackstone Group LP, N+1 Mercapital and management.

Closing is expected in 2014, subject to review by the European Commission and other competition authorities.

Crown is a Philadelphia-based manufacturer of packaging products for consumer marketing companies. Mivisa Envases is a Murcia, Spain-based manufacturer of two- and three-piece food cans and ends.

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