Crane enters $1.8B credit agreement to fund PSI acquisition; $900M term, $900M revolver

Crane Co

• Entered $900M delayed draw term loan and $900M revolving credit facility, both due Sept 30, 2030.
• Facilities will fund the previously announced Precision Sensors & Instrumentation acquisition.
• Margins range from 1.50%-2.25% for term benchmark loans; commitment fee 0.20%-0.35%.
• Existing March 2023 credit agreement terminated and all outstanding obligations repaid.
• Financial covenants: max total net leverage 3.75x, min interest coverage 3.00x.