Commentary & Deal Flow

Crown European Holdings SA (CCK) EUR600m 144A/Reg S sr notes due 01/15/30 (5.5y). NCL (3mo par call). Expect Ba1/BB+ (stable/stable). Via BNP (B&D)/CA/DB jt active books, BofA/Citi/ING/Mizuho/MUFG/Santander/Scotia/SMBC Nikko/TD/UniCredit/WFS jt passive books, Huntington, PNC, Rabo as co-managers. No reg rights. List Lux. NY law. CoC at 101. Settles 08/08 (T+7).

Price talk: 4.50% area (+/- 12.5bp).

Books close at 1:30pm UKT 07/30. Pricing 07/30 UK afternoon. UOP: along with EUR8m cash on hand to repay at maturity its EUR600m 2.625% sr notes due 09/20/24. 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. Dealroadshow: https://dealroadshow.com/e/CROWN2024. Entry code: CROWN2024.