Carpenter Technology Extends and Amends Credit Facility
April 17 2023 - 8:30AM
Carpenter Technology Corporation (NYSE: CRS) (the “Company”) today
announced the successful completion of a $350 million syndicated
credit facility (the “Credit Facility”) by amending and restating
the Company’s existing Credit Agreement, which had been set to
expire on March 31, 2024. The new Credit Facility extends the
maturity to April 12, 2028.
Bank of America, N.A. will continue to serve as
the administrative agent, and Bank of America, N.A. and JPMorgan
Chase Bank, N.A. served as the Joint Lead Arrangers. In addition to
increasing the size of the Credit Facility from $300 million to
$350 million, there are changes to certain terms of the Credit
Facility from the prior agreement, including modifications to the
financial covenants. The Company is required to maintain a
consolidated net leverage ratio. Requirements carried over from the
existing facility include maintaining a minimum interest coverage
ratio.
In addition, the Company entered into an Amended
and Restated Security Agreement in connection with the Credit
Facility that creates a security interest in substantially all of
the personal property of the Company for the benefit of the secured
parties under the Credit Facility.
About Carpenter Technology
Carpenter Technology Corporation is a recognized
leader in high-performance specialty alloy-based materials and
process solutions for critical applications in the aerospace,
defense, transportation, energy, industrial, medical, and consumer
electronics markets. Founded in 1889, Carpenter Technology has
evolved to become a pioneer in premium specialty alloys, including
titanium, nickel, and cobalt, as well as alloys specifically
engineered for additive manufacturing (AM) processes and soft
magnetics applications. Carpenter Technology has expanded its AM
capabilities to provide a complete “end-to-end” solution to
accelerate materials innovation and streamline parts production.
More information about Carpenter Technology can be found at
www.carpentertechnology.com.
Media Inquiries: |
Investor Inquiries: |
Heather Beardsley |
The Plunkett Group |
+1 610-208-2278 |
Brad Edwards |
hbeardsley@cartech.com |
+1 212-739-6740 |
|
brad@theplunkettgroup.com |
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