Commentary & Deal Flow

Crown European Holdings SA (CCK) EUR400m 144A/Reg S sr notes due 03/15/29 (5.25y). NCL (3mo par call). (Expect 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 pay 30/360. List Lux. NY law. Settles T+7 (12/11). Pricing today (a Dealroadshow presentation is available). UOP: partially repay US$135m of its US$1.789bn USD term loan, US$43m equivalent of its EUR567m equivalent term loan, and 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.