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Crown units target $250 million term loan to fund call for 6¼% notes
By Susanna Moon
Chicago, Feb. 2 – Crown Holdings, Inc.’s wholly owned subsidiaries Crown Americas LLC and Crown Americas Capital Corp. III plan to raise at least $250 million of proceeds from a term loan A facility under the company’s senior secured credit facilities, according to an 8-K filing with the Securities and Exchange Commission.
Proceeds would be used to fund a conditional call for the issuers’ $700 million principal amount of outstanding 6¼% senior notes due 2021 at 103.125 plus accrued interest to the redemption date of Feb. 28.
The redemption is conditioned on the issuers raising the loan proceeds by the redemption date.
Crown is a Philadelphia-based consumer packaging company.
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