Attached files
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| EX-10 - PURCHASE AGREEMENT, DATED AS OF JANUARY 18, 2011 - CROWN HOLDINGS INC | ex101-jan2011.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 18, 2011
CROWN HOLDINGS, INC.
(Exact name of Registrant as specified in its charter)
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Pennsylvania
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0-50189
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75-3099507
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(State or Other Jurisdiction of
Incorporation or Organization)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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One Crown Way
Philadelphia, Pennsylvania 19154-4599
(215) 698-5100
(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant’s Principal Executive Offices)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Section 1 – Registrant’s Business and Operations
Item 1.01. Entry into a Material Definitive Agreement
The information provided in Item 2.03 below is hereby incorporated herein by reference.
Section 2 – Financial Information
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Item 2.03
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Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of the Registrant.
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On January 18, 2011, Crown Holdings, Inc. (the “Company”) entered into a Purchase Agreement pursuant to which Crown Americas LLC and Crown Americas Capital Corp. III (together, the “Issuers”), agreed to issue and sell to several purchasers, for whom Deutsche Bank Securities Inc. is acting as representative, $700,000,000 aggregate principal amount of their 6 1/4% Senior Notes due 2021 (the “Notes”). The Notes will be sold in a private placement and resold by the initial purchasers to qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933 (the “Securities Act”) and to non-U.S. persons pursuant to Regulation S of the Securities Act. The Notes have not been 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.
The Notes will mature on February 1, 2021 and will accrue interest at a rate of 6 1/4% per year. Interest on the Notes will be payable semi-annually on February 1 and August 1 of each year, beginning on August 1, 2011. The Issuers may redeem some or all of the Notes at any time prior to February 1, 2016 by paying a make-whole premium, plus accrued an unpaid interest, if any, to the redemption date. At any time prior to February 1, 2014, the Issuers may use the net proceeds of certain equity offerings of capital stock of the Company that are contributed to the common equity capital of Crown Americas LLC or are used to subscribe for qualified capital stock of Crown Americas LLC to redeem up to 35% of the principal amount of the Notes at a redemption price equal to 106.250% of their principal amount plus accrued and unpaid interest, if any, to the redemption date; provided that at least 65% of the aggregate principal amount of such Notes originally issued remain outstanding immediately after such redemption and such redemption occurs within 90 days of the date of the closing of such equity offering.
If the Issuers or the Company experiences a change of control, the Issuers may be required to offer to purchase the Notes at a purchase price equal to 101% of the principal amount, plus accrued and unpaid interest, if any, to the repurchase date.
The Notes are senior obligations of the Issuers and will be unconditionally guaranteed on a senior basis by the Company and each of the Company’s present and future U.S. subsidiaries that guarantees obligations under the Company’s senior secured credit facilities.
Cautionary Note Regarding Forward-Looking Statements
Except for historical information, all other information in this report consists of forward-looking statements. These forward-looking statements involve a number of risks, uncertainties and other factors, including the expected completion of the note offering, which may cause the actual results to be materially different from those expressed or implied in the forward-looking statements. Other important factors that could cause the statements made in this report or the actual results of operations or financial condition of the Company to differ include, without limitation, that the note offering is subject to a number of conditions. There can be no assurance that the note offering 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, 2009 and in subsequent filings made prior to or after the date hereof. The Company does not intend to review or revise any particular forward-looking statement in light of future events.
Section 9 – Financial Statements and Exhibits
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Item 9.01.
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Financial Statements and Exhibits
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(d)
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Exhibits:
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Exhibit 10.1
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Purchase Agreement, dated as of January 18, 2011, by and among the Company, Crown Americas LLC, Crown Americas Capital Corp. III, Deutsche Bank Securities Inc. as Representative, the Initial Purchasers (as defined therein) and the Guarantors (as defined therein).
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Dated: January 20, 2011
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CROWN HOLDINGS, INC.
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By:
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/s/ Kevin C. Clothier
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Name: Kevin C. Clothier
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Title: Vice President and Corporate Controller
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EXHIBIT INDEX
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(d)
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Exhibits:
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Exhibit 10.1
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Purchase Agreement, dated as of January 18, 2011, by and among the Company, Crown Americas LLC, Crown Americas Capital Corp. III, Deutsche Bank Securities Inc. as Representative, the Initial Purchasers (as defined therein) and the Guarantors (as defined therein).
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