Carpenter Technology Extends and Amends Credit Facility
04/17/2023 - 08:30 AM
PHILADELPHIA, April 17, 2023 (GLOBE NEWSWIRE) -- 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 .
Carpenter Technology Corp.
CRS Rankings
#260 Ranked by Stock Gains
CRS Stock Data
Industry
Iron and Steel Mills and Ferroalloy Manufacturing
Sector
Manufacturing
Tags
Producer Manufacturing, Metal Fabrication, Non-Energy Minerals, Steel, Manufacturing, Iron and Steel Mills and Ferroalloy Manufacturing
Country
US
City
Philadelphia
About CRS
with locations in north america, europe and asia, carpenter technology corporation is a global developer, manufacturer and distributor of a variety of specialty loose powder metallurgy and cast/wrought alloys in long product form. products include titanium alloys, high-strength steels, superior corrosion-resistant alloys, nickel-based alloys and superalloys, magnetic, controlled expansion and electronic alloys, stainless and specialty steels, and tool and die steels. carpenter acquired latrobe specialty metals company, latrobe, pa., in february 2012. our talented team of technical, production and delivery experts provide innovative materials solutions to the ever-changing needs of the automotive, aerospace, power gen, oil & gas, industrial, medical, defense and consumer products industries. iso9001:2008
