Crown European Holdings Plans EUR350M 2018 High Yield Bond

21st Jul 2010 09:54

LONDON (Dow Jones)--Packaging products supplier Crown European Holdings SA is planning to issue EUR350 million of senior notes maturing in 2018 and non-callable for four years, one of the banks running the transaction said Wednesday. The proceeds of the issue will be used to fund the redemption of the issuer's 7.625% 2013 notes, and for an anticipated tender for its 6.25% 2011 notes, as well as for general corporate purposes. The new bonds are expected to be rated Ba2 by Moody's Investors Service and BB by Standard & Poor's Corp. Bank of America Merrill Lynch, Barclays PLC, BNP Paribas SA, Citigroup, Deutsche Bank AG, and Royal Bank of Scotland Group PLC are acting as bookrunners. Order books are open and the new issue is expected to price Wednesday. -By Mark Brown, Dow Jones Newswires; + 44 (0)207 842 9485, [email protected] (END) Dow Jones Newswires July 21, 2010 04:54 ET (08:54 GMT)