Crown Holdings considering $750 million term loan for Empaque buy

By Sara Rosenberg

New York, Sept. 5 – Crown Holdings Inc. plans to get an up to $750 million seven-year incremental term loan B to help fund its acquisition of Empaque from Heineken NV for $1,225,000,000, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Citigroup Global Markets Inc. is the lead bank on the deal.

With the transaction, the company’s existing credit facility would be amended to allow for the new loan.

Other funds for the acquisition will come from cash on hand, additional borrowings under the company’s senior secured credit agreement or through other means, the filing said.

The filing added that Crown Holdings may seek alternative forms of financing in addition to or in lieu of the financing commitments.

Closing is expected by year-end, subject to customary conditions, including competition authority approval.

Crown is a Philadelphia-based consumer packaging company. Empaque is a Monterrey, Mexico-based manufacturer of aluminum cans and ends, bottle caps and glass bottles for the beverage industry.

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