Crane Co (CR): debt financing — 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.

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 credit facility of $900 million with JPMorgan Chase Bank, N.A. at term SOFR rate plus a margin as described below maturing September 30, 2030.

Instrument: credit facility
Principal: $900 million
Counterparty: JPMorgan Chase Bank, N.A.
Rate: term SOFR rate plus a margin as described below
Maturity: September 30, 2030
Event: incurrence

Exact text from the filing

The Credit Agreement provides for a senior unsecured delayed draw term loan facility in an aggregate principal amount of $900 million (the "Term Facility"), which matures on September 30, 2030, and a senior unsecured revolving facility in an aggregate committed amount of $900 million (the "Revolving Facility"), which matures on September 30, 2030.

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Source: SEC EDGAR

accession 0001193125-25-225160

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