PHILADELPHIA, June 9, 2011 /PRNewswire/ -- Crown Holdings, Inc. (NYSE: CCK) today announced that it amended its existing senior secured credit facilities to add a $200 million term loan facility and a euro 274 million term loan facility, each of which will mature on June 9, 2016 and bear interest at LIBOR or EURIBOR plus 1.75%. Borrowings under the new term loan facilities will be used to repay the Company's existing $147 million and euro 108 million term loans, which were scheduled to mature on November 15, 2012 and also bear interest at LIBOR or EURIBOR plus 1.75%, to redeem all of the Company's outstanding 6.25% first priority senior secured notes due September 1, 2011 and for general corporate purposes. In connection with the new term loan facilities, Crown European Holdings, SA, a wholly-owned subsidiary of the Company (the "Issuer") notified the holders of the Issuer's 6.25% First Priority Senior Secured Notes due 2011 (the "Notes") that it will redeem all of the outstanding Notes on July 11, 2011 (the "Redemption Date"). Approximately euro 83 million aggregate principal amount of the Notes are currently outstanding. On the Redemption Date, the Issuer will pay to the holders of the Notes the total principal amount of the Notes plus the applicable make-whole premium (as calculated in accordance with the terms of the indenture governing the Notes) plus accrued and unpaid interest up to, but not including, the Redemption Date, totaling approximately euro 86 million. Payment of the redemption price will be made by The Bank of New York on the Redemption Date upon presentation and surrender of the Notes as set forth in the redemption notice. The Company expects to incur a pre-tax charge of approximately $2 million ( $1 million, net of tax, or $.01 per diluted share) in connection with the transaction. Cautionary Note Regarding Forward-Looking Statements Except for historical information, all other information in this press release consists of forward-looking statements. These forward-looking statements involve a number of risks, uncertainties and other factors, including the prospective impact of the Company's amended senior secured credit facilities and the redemption of first priority notes and the use of borrowings under the new term loan facilities, that may cause actual results to be materially different from those expressed or implied in the forward-looking statements. Important factors that could cause the statements made in this press release or the actual results of operations or financial condition of the Company to differ are discussed under the caption "Forward-Looking Statements" in the Company's Form 10-K Annual Report for the year ended December 31, 2010 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. About Crown Holdings, Inc. Crown Holdings, Inc., through its subsidiaries, is a leading supplier of packaging products to consumer marketing companies around the world. World headquarters are located in Philadelphia, PA. For more information, contact: Thomas A. Kelly, Senior Vice President – Finance, Tel: (215) 698-5341, or Ed Bisno, Bisno Communications, Tel: (212) 717-7578 SOURCE Crown Holdings, Inc.