Commentary & Deal Flow

Crown European Holdings SA (CCK) EUR500m (up from EUR400m) 144A/Reg S sr notes due 05/15/28 (5y). NCL (MWC B+50bp) (1mo par call). Ba1/BB+ (stable/stable). Via BNP (B&D)/DB/UniCredit jt active books/BofA/Citi/CA/Mizuho/Santander/Scotia/SMBC Nikko/TD/WFS jt passive books, Huntington. ING, MUFG, PNC, Rabo as co-managers. No reg rights. List Lux. NY law. Settles 05/18 (T+7). Reg S ISIN: XS2623222978. Px talk: 5.25% (+/- 12.5bp). Revised px talk: 5.00%-5.125% WPIR.

Priced: 5.00% at 100. +273.9bp vs OBL 2.20% 04/13/28.

Did investor call at 10am UKT today. Books closed at 2pm UKT today. Reconfirm were due by 3pm UKT today. UOP: temporarily pay down revolver. Biz: worldwide leader in the design, manufacture and sale of packaging products for consumer goods and industrial products. HQ: Paris, France.