Constar International Inc. Initial Public Offering Priced at $12.00 Per Share

Friday, November 15, 2002

PHILADELPHIA, Nov. 15 /PRNewswire-FirstCall/ -- Crown Cork & Seal Company, Inc. (NYSE: CCK) and Constar International Inc. (Nasdaq: CNST) announced today the public offering by Crown of 10.5 million shares of Constar common stock, representing approximately 88% of the outstanding common stock of Constar, at $12.00 per share. Crown has granted the underwriters an over-allotment option to purchase all or a portion of the remaining 1.5 million shares of Constar common stock owned by Crown. The shares are scheduled to begin trading today on the NASDAQ National Market under the symbol "CNST."

Constar also priced $175 million aggregate principal amount of senior subordinated notes due 2012 at 98.51% of par with a coupon of 11.00% to yield 11.25% to maturity. Constar intends to enter into a $150 million term loan and a $100 million revolving credit facility. The net proceeds from Crown's sale of Constar shares will be approximately $117 million, or $134 million if the over-allotment option is exercised in full. Crown expects to repay a portion of its outstanding indebtedness with the net proceeds from its sale of Constar shares and the proceeds from the repayment by Constar of $350 million of indebtedness owed to Crown.

Salomon Smith Barney and Deutsche Bank Securities are acting as the joint book running managers of the Constar common stock and notes offerings.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Copies of the written prospectuses relating to the offerings may be obtained from Salomon Smith Barney, Brooklyn Army Terminal, 140 58th Street, Brooklyn, New York 11220 or from Deutsche Bank Securities, 3921 Vero Road, Suite J, Catonsville, Maryland 21227.

Cautionary Note Regarding Forward-Looking Statements

Except for historical information, all other information in this press release consists of forward-looking statements within the meaning of the federal securities laws. These forward-looking statements involve a number of risks, uncertainties and other factors, which may cause the actual results to be materially different from those expressed or implied in the forward-looking statements. Important factors that could cause the statements made in this press release or the actual results of operations or financial condition of Crown to differ include, without limitation, that the proposed offering is subject to a number of conditions and approvals and there can be no assurance that an offering will be completed as described or at all. Other important factors are discussed under the caption "Forward-Looking Statements" in Crown's Form 10-K Annual Report for the year ended December 31, 2001 and in subsequent filings. Crown does not intend to review or revise any particular forward-looking statement in light of future events.

Crown Cork & Seal is a leading supplier of packaging products to consumer marketing companies around the world. World headquarters are located in Philadelphia, Pennsylvania.

Constar is a leading global producer of PET plastic containers for food and beverages.

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SOURCE Crown Cork & Seal Company, Inc.