Crown Cork & Seal's new $125 million term loan broke in the 100 5/8-101 1/8 context. The deal, led by Lehman Brothers and Citibank, is priced at LIBOR plus 2 1/4%, and was done in coordination with a $500 million revolver and E350 million of 6 1/4% notes. Tim Donahue, senior v.p. of finance at Crown, said the deal allowed the supplier of packaging products to extend maturities, cut pricing and obtain a more flexible covenant package. He added that the company was satisfied with the pricing. Crown's new deal refinances an expiring $1.05 billion credit facility.
Crown Cork Term Loan Trades