Commentary & Deal Flow

++++Corrects benchmark to DBR (not OBL)++++

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, starting 03/15/24 (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 DBR 0.25% 02/15/29.

Books closed at 12:30pm UKT today. Reconfirms were due 1:15pm UKT today. (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.