Carpenter Technology Corporation announced the closing of a $700.0 million private offering of 5.625% Senior Notes due 2034.
The net proceeds will be used to redeem its 6.375% senior notes due 2028 and 7.625% senior notes due 2030.
Additionally, an amendment and restatement of the credit agreement was made to increase commitments and modify terms and covenants.
Offering Details
$700.0 million aggregate principal amount of 5.625% Senior Notes due 2034 were privately offered.
Use of Proceeds
Proceeds will be used to redeem existing senior notes.
Credit Agreement Amendment
The credit agreement was amended to increase commitments and extend the maturity date.
- The closing of the senior notes offering will support Carpenter Technology's financial restructuring and debt management strategies.
- The credit agreement amendment enhances the company's liquidity and financial flexibility for future growth initiatives.
These strategic financial moves position Carpenter Technology Corporation for sustainable growth and financial stability in the long term.