Carpenter Technology Corporation Announces Closing of $700.0 Million Private Offering of 5.625% Senior Notes Due 2034 and Amendment of Credit Agreement
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.
Carpenter Technology (NYSE: CRS) ha chiuso un'offerta privata di $700,0 milioni di importo principale aggregato di note senior 5,625% in scadenza nel 2034 il 20 novembre 2025.
L'azienda intende utilizzare il ricavato netto e la liquidità disponibile per rimborsare integralmente i note senior 6,375% in scadenza nel 2028 e i note senior 7,625% in scadenza nel 2030, inclusi interessi maturati e qualsiasi premio. Le Notes sono state emesse ai sensi della Rule 144A e del Regulation S e non sono registrate ai sensi della Securities Act.
L'azienda ha inoltre modificato e riformulato il suo secondo accordo di credito amendato e riformulato per aumentare gli impegni revolving da $350 milioni garantiti a $500 milioni non garantiti, aggiungere una funzione accordion non impegnata fino a $650 milioni, estendere la scadenza della facility al 2030, e modificare i tassi di interesse e i livelli di covenant.
Carpenter Technology (NYSE: CRS) cerró una oferta privada de $700.0 millones en concepto agregado principal de bonos senior 5,625% con vencimiento en 2034 el 20 de noviembre de 2025.
La compañía tiene la intención de usar los ingresos netos y la caja disponible para redimir en su totalidad sus bonos senior 6,375% con vencimiento en 2028 y bonos senior 7,625% con vencimiento en 2030, incluyendo intereses devengados y cualquier prima. Los Bonos fueron vendidos bajo Rule 144A y Regulation S y no están registrados conforme a la Securities Act.
La compañía también enmendó y reformuló su segundo acuerdo de crédito amendado y reformulado para aumentar los compromisos revolventes de $350 millones asegurados a $500 millones no asegurados, añadir una característica de acordeón no comprometida de hasta $650 millones, extender la madurez de la facility hasta 2030, y modificar las tasas de interés y los niveles de covenants.
Carpenter Technology (NYSE: CRS) 은 2034년 만기 5.625% 선순위채를 총액 $700.0 million의 비공개 발행을 2025년 11월 20일 마감했습니다.
회사는 순수익과 현금을 사용해 2028년 만기 6.375% 선순위채와 2030년 만기 7.625% 선순위채를 모두 상환하고 누적 이자 및 프리미엄을 포함하려고 합니다. 이 채권은 Rule 144A 및 Regulation S에 따라 판매되었으며 증권법에 따라 등록되지 않았습니다.
또한 회사는 두 번째로 수정·개정된 신용계약을 개정하여 약정 한도 revolving을 $350 million secured에서 $500 million unsecured로 증가시키고, 약정되지 않은 아코디언 기능을 최대 $650 million까지 추가하며, 약정 만기를 2030으로 연장하고 이자율과 covenants 수준을 수정하였습니다.
Carpenter Technology (NYSE: CRS) a clôturé une offre privée d'un montant principal aggregé de $700.0 millions de obligations seniors à taux fixe 5,625% arrivant en 2034 le 20 novembre 2025.
La société envisage d'utiliser le produit net et les liquidités pour racheter intégralement ses obligations seniors à taux fixe 6,375% arrivant en 2028 et obligations seniors à taux fixe 7,625% arrivant en 2030, intérêts courus et toute prime comprise. Les notes ont été vendues en vertu de la Rule 144A et du Regulation S et ne sont pas enregistrées en vertu de la Securities Act.
La société a également modifié et réaffirmé son deuxième accord de crédit amendé et réaffirmé afin d'augmenter les engagements revolvants de $350 millions sécurisés à $500 millions non sécurisés, d'ajouter une fonctionnalité accordion non engagée jusqu'à $650 millions, de prolonger l'échéance du facility jusqu'en 2030 et de modifier les taux d'intérêt et les niveaux de covenants.
Carpenter Technology (NYSE: CRS) hat ein Privatangebot von $700.0 Millionen Gesamtforderung an 5,625% Senior Notes mit Fälligkeit 2034 am 20. November 2025 abgeschlossen.
Das Unternehmen beabsichtigt, Nettoeinnahmen und verfügbare Liquidität zu verwenden, um vollständig seine 6,375% Senior Notes mit Fälligkeit 2028 und 7,625% Senior Notes mit Fälligkeit 2030 zurückzuzahlen, einschließlich aufgelaufener Zinsen und etwaiger Prämien. Die Notes wurden gemäß Rule 144A und Regulation S verkauft und sind nach dem Securities Act nicht registriert.
Das Unternehmen hat außerdem seinen zweiten amended und restated Kreditvertrag geändert, um revolvierende Verpflichtungen von $350 Millionen gesichert auf $500 Millionen ungesichert zu erhöhen, eine nicht gebundene Accordion-Funktion bis zu $650 Millionen hinzuzufügen, die Laufzeit der Facility bis 2030 zu verlängern und Zinssätze sowie Covenant-Niveaus zu modifizieren.
Carpenter Technology (NYSE: CRS) أغلقت عرضاً خاصاً بقيمة إجمالية قدرها $700.0 مليون من سندات كبار بالدين 5.625% تستحق في 2034 في 20 نوفمبر 2025.
تعتزم الشركة استخدام العائدات الصافية والنقد المتاح لديها لإعادة شراء بالكامل سنداتها الكبيرة 6.375% المستحقة في 2028 و 7.625% Senior Notes المستحقة في 2030، بما في ذلك الفوائد المتراكمة وأي علاوة. تم بيع هذه السندات بموجب Rule 144A و Regulation S وليست مسجلة وفقاً لقانون الأوراق المالية.
كما عدلت الشركة ونقحت اتفاقها الائتماني الثاني المعدل والمعاد صياغته لزيادة الالتزامات القابلة للد revolving من $350 مليون مؤمن إلى $500 مليون غير مؤمن، وإضافة ميزة أكورديون غير ملزمة حتى $650 مليون، وتمديد استحقاق المرفق إلى 2030، وتعديل أسعار الفائدة ومستويات covenants.
- 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
- Existing 6.375% and 7.625% notes will be redeemed, affecting prior creditors
- Amendment changed interest rates and covenant levels (potential tighter terms)
Insights
Carpenter issued
Carpenter Technology Corporation closed a private placement of
The company also amended and restated its credit agreement, raising revolving commitments from
Key dependencies and risks include successful redemption of the specified notes using the stated proceeds and cash, and compliance with the revised covenants and interest terms under the amended facility. Watch the actual notice of redemption timing, covenant levels, and any disclosures that quantify interest-cost changes and covenant thresholds within the next 12 months.
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)?
