Crown Holdings Inc. 'BB' Rating Affirmed, Outlook Stable; Proposed Term Loans Rated 'BB+', Other Rating Actions Taken

Metal can producer Crown Holdings Inc. plans to finance its proposed acquisition of EMPAQUE with senior secured term loans, cash on hand, and borrowings under its revolving credit facilities. We are assigning our 'BB+' issue rating and '2' recovery rating to subsidiary Crown Americas LLC's proposed $675 million senior secured term loan B due 2021 and proposed additional $75 million senior secured term loan A. We are also revising our issue rating on the company's existing senior secured credit facilities to 'BB+' from 'BBB-' and revising the recovery rating to '2' from '1'. In addition, we are raising our issue rating on Crown European Holdings S.A.'s €650 million unsecured notes to 'BB' from 'BB-' and revising our recovery rating on

...+ Metal can producer Crown Holdings Inc. plans to finance its proposed acquisition of EMPAQUE with senior secured term loans, cash on hand, and borrowings under its revolving credit facilities. + We are assigning our '##+' issue rating and '2' recovery rating to subsidiary Crown Americas LLC's proposed $675 million senior secured term loan B due 2021 and proposed additional $75 million senior secured term loan A. + We are also revising our issue rating on the company's existing senior secured credit facilities to '##+' from '###-' and revising the recovery rating to '2' from '1'. + In addition, we are raising our issue rating on Crown European Holdings S.A.'s 650 million unsecured notes to '##' from '##-' and revising our recovery rating on the debt to '3' from '5'. + We are affirming the '##' corporate credit rating and all other unsecured debt ratings on the company. + The stable outlook reflects our expectation that Crown will prioritize free cash generation for debt reduction in order...

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