Crane NXT, Co. (CXT): debt financing — Crane Holdings secures $1.65B in credit facilities for upcoming separation into Crane Company and Crane NXT

Crane NXT, Co.

Crane Company: $500M revolver and $300M term loan; expected net debt $100-150M (<0.5x EBITDA).
Crane NXT: $500M revolver, $350M term loan, retains $545M fixed-rate notes; net debt ~$645-695M (1.5-2x EBITDA).
Crane Company acquisition capacity ~$1B at separation, growing to $4B by 2028.
Crane NXT acquisition capacity ~$1B at separation, growing to $3B by 2027.
Separation on track for April 3, 2023; JPMorgan Chase leads syndicate of 14 banks.

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 NXT, Co. incurred term loan of $350 million with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent at adjusted term SOFR rate plus a credit spread adjustment of 0.10% plus a margin a maturing March 17, 2026.

Instrument: term loan
Principal: $350 million
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent and collateral agent
Rate: adjusted term SOFR rate plus a credit spread adjustment of 0.10% plus a margin a
Maturity: March 17, 2026
Event: incurrence

Exact text from the filing

The Credit Agreement provides for a senior secured term loan facility in an aggregate principal amount of $350 million (the "Term Facility"), which matures on March 17, 2026

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

Crane NXT, Co. incurred revolving credit of $500 million with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent at adjusted term SOFR rate plus a credit spread adjustment of 0.10% plus a margin a maturing March 17, 2028.

Instrument: revolving credit
Principal: $500 million
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent and collateral agent
Rate: adjusted term SOFR rate plus a credit spread adjustment of 0.10% plus a margin a
Maturity: March 17, 2028
Event: incurrence

Exact text from the filing

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

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

Crane NXT, Co. entered into Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent and the other agents and arrangers party thereto (effective 2023-03-17).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent and collateral agent and the other agents and arrangers party thereto
Effective: 2023-03-17

Exact text from the filing

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

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7 debt financings filed in the last 30 days. Browse all debt financings →

Crane NXT, Co. filing history →

Source: SEC EDGAR

accession 0001193125-23-074898

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