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Carpenter Technology Announces Completion of Syndicated Credit Facility
11/30/2009 - Carpenter Technology completes a three-year, $200-million syndicated credit facility.
Carpenter Technology Corp. announced the successful completion of a $200-million syndicated credit facility.
The three-year revolving line of credit replaces a five-year, $150-million revolver that is due to expire in August, 2010 and a $50-million accounts receivable securitization facility due to expire in March, 2010. The new facility, comprising nine lenders, was substantially oversubscribed prior to allocations.
“We are very pleased with the lender group’s show of confidence in our business and financial position,” said K. Douglas Ralph, Senior Vice President and Chief Financial Officer. “The completion of this $200 million facility further solidifies our strong liquidity position which includes over $375 million of cash on our balance sheet.”
Bank of America and JPMorgan Chase served as Co-Lead Arrangers.
Terms of the facility, which remain largely unchanged from the prior agreement, include the same two financial covenants, debt to total capital and interest coverage ratio.
Carpenter Technology produces and distributes specialty alloys, including stainless steels, titanium alloys and superalloys, and various engineered products.
