PRICE TALK: Crown Americas US$500m 8-year NC3 senior note:6.00% area
PRICE TALK: 6.00% area
TIMING: Books close at 1:30 PM ET
Crown Americas LLC (CCK), Ba2/BB+, announced a US$500m 144A/RegS 8-year NC3 senior unsecured note. Jt Physical BR Mgrs: BofA (Left)/TD/WFS. Jt BR Mgrs: BNP/Citi/DB/Miz/PNC/San/Scotia/Uni. Co-Mgrs: Credit Ag/Huntington/ING/MUFG/Rabo/SMBC. TIMING: Investor Call: Monday, May 12th at 10:00 AM ET; pricing expected today. Opt. Redemption: NC-3 (first call at par plus 50% of the coupon). Equity Claw: Up to 40% of both issuances at par plus the respective coupon plus accrued and unpaid interest during the non-call period. UOP: Net proceeds from this offering are expected to be used, together with cash on hand and borrowings under Crown's senior secured revolving credit facility, to repay the 4.750% senior notes due 2026, and to pay related fees and expenses.