secwatch.observer — SEC 8-K summary
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Issuer:     Crane Co (CR)
CIK:        0001944013
Form:       8-K
Filed at:   2023-03-20T23:59:59+00:00
Accession:  0001193125-23-074893
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Crane Co. signs $800M credit facilities to finance spin-off
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1944013/000119312523074893/0001193125-23-074893-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1944013/000119312523074893/d452497d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-074893

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