Crown Holdings Retires Debt Early

PHILADELPHIA, Dec. 16 /PRNewswire-FirstCall/ -- Crown Holdings, Inc. (NYSE: CCK) announced today that it has retired the aggregate remaining balance of $145 million of the 6.750% Notes due December 15, 2003 of Crown Cork & Seal Finance PLC and Crown Cork & Seal Finance S.A.

The Company also announced the repurchase of $61 million of the outstanding 8.375% Notes due January 15, 2005 of Crown Cork & Seal Company, Inc. in a privately negotiated transaction. After the repurchase approximately $61 million of the 8.375% Notes remains outstanding.

The Company also paid in advance the approximate $26 million of Term Loan B amortization originally scheduled for January 15, 2004. The next scheduled amortization of the Term Loan B, currently approximating $26 million, is January 15, 2005.

The Company used the remaining $145 million of proceeds from the February 2003 refinancing and cash from operations to retire the debt.

This press release is neither an offer to purchase nor a solicitation of an offer to sell securities.

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.