Crown Holdings, Inc. Announces Interest Rate Reduction for $450 Million of First Priority Term Loans

PHILADELPHIA, July 31 /PRNewswire-FirstCall/ -- Crown Holdings, Inc. (NYSE: CCK) announced today that it has refinanced $450 million of first priority term loans and reduced the interest rate from LIBOR plus 4.25% to LIBOR plus 3.00%. The term loans were refinanced with the proceeds from new first priority term loans on substantially the same terms except that the new term loans bear interest at the lower rate and include a prepayment premium of 1.00% if the new term loans are paid back in full within one year.

Cautionary Note Regarding Forward-Looking Statements

Except for historical information, all other information in this press release consists of forward-looking statements. These forward-looking statements involve a number of risks, uncertainties and other factors that may cause 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 are discussed under the caption "Forward-Looking Statements" in the Company's Form 10-K Annual Report for the year ended December 31, 2002 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.

SOURCE Crown Holdings, Inc.