Carpenter Technology Corporation Announces Closing of $700.0 Million Private Offering of 5.625% Senior Notes Due 2034 and Amendment of Credit Agreement
Rhea-AI Summary
Carpenter Technology (NYSE: CRS) closed a private offering of $700.0 million aggregate principal amount of 5.625% senior notes due 2034 on November 20, 2025.
The company intends to use net proceeds and cash on hand to redeem in full its 6.375% senior notes due 2028 and 7.625% senior notes due 2030, including accrued interest and any premium. The Notes were sold under Rule 144A and Regulation S and are not registered under the Securities Act.
The company also amended and restated its second amended and restated credit agreement to increase revolving commitments from $350 million secured to $500 million unsecured, add an uncommitted accordion feature up to $650 million, extend the facility maturity to 2030, and modify interest rates and covenant levels.
Positive
- Issued $700.0 million of 5.625% notes due 2034
- Proceeds earmarked to redeem higher-coupon 2028 and 2030 notes
- Revolving commitments increased from $350M secured to $500M unsecured
- Added uncommitted accordion capacity up to $650M
- Credit facility maturity extended to 2030
Negative
- Existing 6.375% and 7.625% notes will be redeemed, affecting prior creditors
- Amendment changed interest rates and covenant levels (potential tighter terms)
News Market Reaction
On the day this news was published, CRS gained 1.32%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
PHILADELPHIA, Nov. 20, 2025 (GLOBE NEWSWIRE) -- Carpenter Technology Corporation (NYSE: CRS) (the “Company”) announced today the closing of its previously announced offering of
The Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the Securities Act or the securities laws of any other jurisdiction.
This press release is neither an offer to sell nor a solicitation of an offer to buy the Notes and shall not constitute an offer, solicitation or sale, nor is it an offer to purchase or the solicitation of an offer to sell the Notes in any jurisdiction in which such offer, solicitation or sale is unlawful.
This press release does not constitute a notice of redemption with respect to the
The Company also entered into an amendment and restatement of its second amended and restated credit agreement to increase the revolving commitments under the credit facility from
About Carpenter Technology
Carpenter Technology Corporation is a recognized leader in high-performance specialty alloy materials and process solutions for critical applications in the aerospace and defense, medical, and other markets. Founded in 1889, Carpenter Technology has evolved to become a pioneer in premium specialty alloys including nickel, cobalt, and titanium and material process capabilities that solve our customers' current and future material challenges.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected, anticipated or implied. The most significant of these uncertainties are described in the Company’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the fiscal year ended June 30, 2025 and Form 10-Q for the quarter ended September 30, 2025 and the exhibits attached to those filings. They include but are not limited to: (1) the cyclical nature of the specialty materials business and certain end-use markets, including aerospace, defense, medical, energy, transportation, industrial and consumer, or other influences on the Company’s business such as new competitors, the consolidation of competitors, customers, and suppliers or the transfer of manufacturing capacity from the United States to foreign countries; (2) the ability of the Company to achieve cash generation, growth, earnings, profitability, operating income, cost savings and reductions, qualifications, productivity improvements or process changes; (3) the ability to recoup increases in the cost of energy, raw materials, freight or other factors; (4) domestic and foreign excess manufacturing capacity for certain metals; (5) fluctuations in currency exchange and interest rates; (6) the effect of government trade actions, including tariffs; (7) the valuation of the assets and liabilities in the Company’s pension trusts and the accounting for pension plans; (8) possible labor disputes or work stoppages; (9) the potential that our customers may substitute alternate materials or adopt different manufacturing practices that replace or limit the suitability of our products; (10) the ability to successfully acquire and integrate acquisitions; (11) the availability of credit facilities to the Company, its customers or other members of the supply chain; (12) the ability to obtain energy or raw materials, especially from suppliers located in countries that may be subject to unstable political or economic conditions; (13) the Company’s manufacturing processes are dependent upon highly specialized equipment located primarily in facilities in Reading and Latrobe, Pennsylvania and Athens, Alabama for which there may be limited alternatives if there are significant equipment failures or a catastrophic event; (14) the ability to hire and retain a qualified workforce and key personnel, including members of the executive management team, management, metallurgists and other skilled personnel; (15) fluctuations in oil and gas prices and production; (16) the impact of potential cyber attacks and information technology or data security breaches; (17) the ability of suppliers to meet obligations due to supply chain disruptions or otherwise; (18) the ability to meet increased demand, production targets or commitments; (19) the ability to manage the impacts of natural disasters, climate change, pandemics and outbreaks of contagious diseases and other adverse public health developments; (20) geopolitical, economic, and regulatory risks relating to our global business, including geopolitical and diplomatic tensions, instabilities and conflicts, such as the war in Ukraine, the conflict between Israel and HAMAS, the conflict between Israel and Hezbollah, Houthi attacks on commercial shipping vessels and other naval vessels as well as compliance with U.S. and foreign trade and tax laws, sanctions, embargoes and other regulations; (21) challenges affecting the commercial aviation industry or key participants including, but not limited to production and other challenges at The Boeing Company; (22) the impact of the recently-ended shutdown of the U.S. government; and (23) the consequences of the announcement, maintenance or use of the Company’s share repurchase program. Any of these factors could have an adverse and/or fluctuating effect on the Company’s results of operations. The forward-looking statements in this document are intended to be subject to the safe harbor protection provided by Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date of this press release or as of the dates otherwise indicated in such forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements.
| Investor Inquiries: | Media Inquiries: |
| John Huyette | Heather Beardsley |
| +1 610-208-2061 | +1 610-208-2278 |
| jhuyette@cartech.com | hbeardsley@cartech.com |
FAQ
What did Carpenter Technology announce on November 20, 2025 regarding debt (CRS)?
How will Carpenter use proceeds from the $700M 5.625% notes (CRS)?
What changed in Carpenter's credit agreement after the amendment (CRS)?
Are the new 5.625% senior notes registered for public sale (CRS)?
When do the new senior notes issued by Carpenter mature (CRS)?
