Crane divests asbestos liabilities to Spruce Lake; records $170M after-tax loss

Crane NXT, Co.

Sold Redco subsidiary holding all asbestos liabilities and about $550M cash to Spruce Lake on Aug 12, 2022.
One-time after-tax loss of ~$170M in Q3 2022, excluded from adjusted EPS; asbestos obligations removed from balance sheet.
Entered $400M 364-day credit facility on Aug 11, 2022, with interest based on base rate or Term SOFR plus margins.
Buyer contributed $83M to Redco; Crane financed its contribution via short-term debt and cash.
Transaction expected to increase annual free cash flow by eliminating asbestos-related defense and indemnity payments.

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