Crown Holdings Announces Pricing of $1.1 Billion of Senior Notes

PHILADELPHIA, Nov. 9 /PRNewswire-FirstCall/ -- Crown Holdings, Inc. (NYSE: CCK) announced that it has priced $500 million of 7.625% senior notes due 2013 and $600 million of 7.75% senior notes due 2015. The notes will be issued at par by Crown Americas, LLC and Crown Americas Capital Corp., each a subsidiary of the Company, and will be unconditionally guaranteed by the Company and substantially all of its U.S. subsidiaries.

In addition, the Company is reviewing the terms of new revolving and term loan senior secured credit facilities. The proceeds from the offering of the senior notes, any new senior secured credit facilities and the recent sale of the Company's plastic closures business are intended to be used to repurchase or retire up to 100% of Crown European Holdings SA's outstanding second and third priority notes (which are the subject of previously announced tender offers by the Company), refinance the Company's existing credit facilities, pay fees and expenses associated with the refinancing and for general corporate purposes. The Company anticipates any proposed new credit facilities will close simultaneously with the new senior notes on November 18, 2005.

The issuance of the 7.625% senior notes due 2013 and the 7.75% senior notes due 2015 is subject to certain conditions, including consummation of the previously announced tender offers, entry into new senior secured credit facilities as part of the Company's refinancing plan and other customary conditions, and the final terms of the new senior secured credit facilities are still under discussion with financing sources.

The senior notes are expected to be issued through a private placement and resold by the initial purchasers to qualified institutional buyers under Rule 144A of the Securities Act of 1933 and Regulation S. The senior notes will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security in any jurisdiction in which such offer or sale would be unlawful.

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 to differ include, without limitation, that the Company's refinancing plan is subject to a number of conditions and approvals and the final terms may vary substantially as a result of market and other conditions. There can be no assurance that the refinancing plan will be completed as described herein or at all. Other important factors are discussed under the caption "Forward-Looking Statements" in the Company's Form 10-K Annual Report for the year ended December 31, 2004 and in subsequent filings. The Company does not intend to review or revise any particular forward-looking statement in light of future events.

Crown Holdings, Inc., through its affiliated companies, is a leading supplier of packaging products to consumer marketing companies around the world. World headquarters are located in Philadelphia, Pennsylvania.

For more information, contact: Timothy J. Donahue, Senior Vice President - Finance, (215) 698-5088.

SOURCE  Crown Holdings, Inc.
    -0-                             11/09/2005
    /CONTACT:  Timothy J. Donahue, Senior Vice President - Finance, Crown
Holdings, +1-215-698-5088/
    /Web site:  http://www.crowncork.com /
    (CCK)

CO:  Crown Holdings, Inc.; Crown Americas, LLC; Crown Americas Capital Corp.;
     Crown European Holdings SA
ST:  Pennsylvania
IN:
SU:  OFR FNC

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0519 11/09/2005 09:11 EST http://www.prnewswire.com