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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
HYC
MTRL
PRCD
CCK
Crown European Holdings SA€500
1EMEA
Nov 30, 2023
currency
EUR
size (m)
500.000
maturity
Mar 15, 2029
type
Fixed
tenor
5.250
call
0.00
registration
144A/Reg S
benchmark
DBR
ranking
Sr. Unsecured
moody's
Ba1
s&p
BB+
fitch
-
size description
-
re-open/tap
No
ipt
-
ipt-pxd
-
guidance
5% area, final px talk 4.75-4.875%
spread
245.9
coupon
4.750%
spread set
-
price
100.00000
yield
4.750%
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
BAM, CAG, MIZ, MUF, ...
passive leads
-
co-managers
GSC, HBK, ING, PNC, ...
coordinating managers
-
book size (m)
-
peak book (m)
-
x-covered
-
book attrition
-
nic
-
left lead
active leads
joint leads
BAM, CAG, MIZ, MUF, ...
passive leads
-
co-managers
GSC, HBK, ING, PNC, ...
coordinating managers
-
Tranche Comments
Registration: 144A/Reg S;
Deal Comments
11/30/2023 Crown European Holdings SA (CCK) EUR500m (up from EUR400m) 144A/Reg S sr notes due 03/15/29 (5.25y). NCL (3mo par call). Ba1/BB+ (stable/stable). Via BNP (B&D)/Citi/DB jt active books/BofA/CA/Miz/MUFG/Rabo/Santander/Scotia/TD/UniCredit/WFS jt books, GS, HBAN, ING, PNC, SMBC as co-managers. No reg rights. Coupon pays March 15, Sept 15 (30/360). List Lux. NY law. Settles 12/11 (T+7). Reg S ISIN: XS2730661100. Px talk: 5.00% area (+/- 12.5bp). Final px talk: 4.75%-4.875% WPIR. Priced: 4.75% at 100. +245.9bp vs OBL 0.25% 02/15/29. Books closed at 12:30pm UKT 11/20. Reconfirms were due 1:15pm UKT 11/30. (a Dealroadshow presentation was available). UOP: partially repay US$135m of its US$1.789bn USD term loan, US$43m equivalent of its EUR567m equivalent term loan, and USD340m (up from USD240m) for GCP, including the expected eventual repayment of its EUR600m 2.625% notes due 09/30/24 (callable 03/01/24 at 100). Biz: sub of Crown Holdings Inc, a designer, manufacturer, and seller of packaging products for consumer goods (aluminum and steel cans) and industrial products. HQ: Tampa, FL.

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