Crane Co (CR): debt financing — Crane Co. signs $800M credit facilities to finance spin-off

Crane Co

Credit Agreement includes $300M term loan maturing in 2026 and $500M revolver maturing in 2028.
Borrowings priced at SOFR+1.50%-2.25% or base rate+0.50%-1.25% based on leverage.
Covenants: max total net leverage 3.50x and min interest coverage 3.00x, tested quarterly.
Term loan requires quarterly amortization at 0.625% (first year) then 1.25%.
Proceeds intended to fund Crane Holdings' spin-off of Aerospace & Electronics, Process Flow, and Engineered Materials segments.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Crane Co incurred revolving credit of committed amount of $500 million with JPMorgan Chase Bank, N.A., as administrative agent at alternate base rate plus a margin ranging from 0.50% to 1.25% or adjusted term S maturing March 17, 2028.

Instrument: revolving credit
Principal: committed amount of $500 million
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
Rate: alternate base rate plus a margin ranging from 0.50% to 1.25% or adjusted term S
Maturity: March 17, 2028
Event: incurrence

Exact text from the filing

a senior unsecured revolving facility in an aggregate committed amount of $500 million (the “Revolving Facility”), which matures on March 17, 2028

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Crane Co incurred term loan of $300 million with JPMorgan Chase Bank, N.A., as administrative agent at adjusted term SOFR rate plus a credit spread adjustment of 0.10% plus a margin r maturing March 17, 2026.

Instrument: term loan
Principal: $300 million
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
Rate: adjusted term SOFR rate plus a credit spread adjustment of 0.10% plus a margin r
Maturity: March 17, 2026
Event: incurrence

Exact text from the filing

provides for a senior unsecured term loan facility in an aggregate principal amount of $300 million (the “Term Facility”), which matures on March 17, 2026

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Crane Co entered into Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent and the other agents and arrangers party thereto valued at aggregate principal amount of $300 million the Term Facility and committed amount of $500 million th (effective 2023-03-17).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent and the other agents and arrangers party thereto
Value: aggregate principal amount of $300 million the Term Facility and committed amount of $500 million th
Effective: 2023-03-17

Exact text from the filing

On March 17, 2023, Crane Company (the “Company”), a wholly-owned subsidiary of Crane Holdings, Co. (“Crane Holdings”), entered into a credit agreement (the “Credit Agreement”), by and among the Company, as borrower, CR Holdings, C.V., a wholly-owned subsidiary of the Company, as a subsidiary borrower, the lenders and issuing banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent and the other agents and arrangers party thereto.

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Source: SEC EDGAR

accession 0001193125-23-074893

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