Crown Cork Seal

(CCK) - Get Report

said it expects to report a loss for 2001, and also said its first-quarter loss will be bigger than analysts were expecting.

The container manufacturer said it would lose 50 cents a share for the year. Analysts surveyed by

First Call/Thomson Financial

were expecting the company to earn 87 cents a share.

For the first quarter, Crown Cork Seal expects a loss of 40 cents, far wider than the 5-cent-a-share loss anticipated by analysts.

Company executives blamed the shortfall on price wars and glutted inventories.

The company, which is based in Philadelphia, also announced a refinancing of a $2.5 billion revolving credit loan that opened up an additional $400 million in financing.

J.P. Morgan

led the refinancing.

Shares of Crown Cork Seal fell $1.44, or 21.8%, to $5.18 in recent

New York Stock Exchange Trading

.