We will not receive any proceeds from this exchange offer. Because we are exchanging the new notes for the old notes, which have substantially identical terms, the issuance of the new notes will not result in any increase in our indebtedness. The exchange offer is intended to satisfy our obligations under the registration rights agreements.
Net proceeds from the offering of the old notes were approximately $1 billion, before deduc ting the initial purchasers discount. These net proceeds were used, together with cash on hand, (i) to repay approximately $500 million of indebtedness outstanding under Crowns term loan facilities, (ii) to redeem all of Crown Americas and Crown Americas Capital Corp. IIs $400 million senior notes due 2017 and to pay related redemption premiums, (iii) for general corporate purposes and (iv) for the payment of related fees and expenses.
See Description of Certain Indebtedness.
The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.
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