Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers C > Headlines for Crown Holdings, Inc. > News item |
Crown Holdings restates $2.15 billion, €275 million credit agreement
By Wendy Van Sickle
Columbus, Ohio, April 12 – Crown Holdings Inc. amended and restated its credit agreement on Friday providing for a $650 million dollar revolving facility, a $700 million multicurrency revolver, a $50 million Canadian revolver, a $750 million term a loan facility and a €275 million term euro facility, according to an 8-K filing with the Securities and Exchange Commission.
Each tranche has a five-year term, maturing on April 7, 2022.
Borrowings will initially bear interest at Libor plus 175 basis points and can be reduced by up to 50 basis points if the total leverage ratio of the company and its subsidiaries decreases to agreed upon levels.
The company must maintain a maximum leverage ratio.
Deutsche Bank AG New York Branch is the administrative agent, Deutsche Bank AG Canada Branch as Canadian administrative agent and Deutsche Bank AG London Branch as U.K. administrative agent.
Crown subsidiaries Crown Americas LLC, Crown European Holdings SA and Crown Metal Packaging Canada LP are borrowers under the credit agreement.
The agreement amends and restates Crown’s credit agreement dated Dec. 19, 2013.
Proceeds were used to refinance existing debt, and remaining proceeds will be used for general corporate purposes.
Crown is a Philadelphia-based designer, manufacturer and seller of packaging products for consumer goods.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.