Crown Holdings to launch $675 million term loan B on Wednesday

By Sara Rosenberg

New York, Oct. 6 – Crown Holdings Inc. is set to hold a bank meeting at 10:30 a.m. ET in New York on Wednesday to launch a $675 million senior secured term loan B, according to a market source.

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

Proceeds will be used to help fund the acquisition of Empaque from Heineken NV for $1,225,000,000.

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.

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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