On August 8, 2022, Crown Holdings, Inc. (NYSE: CCK) (“Crown Holdings”) announced its amendment of the credit agreement governing its senior secured credit facilities (the “Amendment”). The Amendment extends the agreement’s maturity to August 2027 and increases the commitments under several of Crown Holdings’ existing facilities. Following the Amendment, the Crown Holdings’ 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.
Crown Holdings 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.
Crown Holdings, Inc., through its subsidiaries, is a leading global supplier of rigid packaging products to consumer marketing companies, as well as transit and protective packaging products, equipment and services to a broad range of end markets.
Dechert LLP acted as U.S. and international counsel to Crown Holdings.
Miller Thomson acted as Canadian counsel to Crown Holdings and its Canadian entities regarding the credit facilities with a team led by Steven Wesfield (Corporate), and comprised of David Reynolds and Nora Osbaldeston (Financial Services); Jessie Chau and Debra Sparrow (Paraprofessional), as well as Keshbir Brar (Student).
