YARDLEY, PA — Crown Holdings, Inc. (NYSE: CCK) recently announced that it has amended the credit agreement governing its senior secured credit facilities (such amendment, the “Amendment”). The Amendment extends the agreement’s maturity to August 2027 and increases the commitments under several of the Company’s existing facilities. Following the Amendment, the Company’s commitments under its credit agreement will include $800 million in U.S. dollar-denominated revolving commitments, $800 million in multicurrency revolving commitments, $50 million in Canadian dollar-denominated revolving commitments, $1.8 billion in Term Loan A commitments, and €540 million in Term Euro commitments.
The Company reportedly expects to use proceeds from the senior secured credit facilities in order to pay for the redemption of the outstanding 2¼% Senior Notes due 2023 (with an aggregate principal amount outstanding of €335 million) and the ¾% Senior Notes due 2023 (with an aggregate principal amount outstanding of €550 million) (collectively, the “Senior Notes”), both of which were issued by Crown European Holdings S.A., a wholly-owned subsidiary of the Company.
The above description of the Amendment is qualified in its entirety by reference to the full text of the Amendment, which will be filed as an exhibit to an upcoming Current Report on Form 8‑K filing to be made by the Company.
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