Crane Co. Announces Pricing of $350 Million of Senior Notes
STAMFORD, Conn.--(BUSINESS WIRE)--Crane Co. (NYSE:CR), a diversified manufacturer of highly engineered industrial products (the "Company"), announced today the pricing of an underwritten public offering of $350 million of 4.20% Senior Notes due 2048.
The Company intends to use the net proceeds from the offering, together with cash on hand, to repay all of the $100 million outstanding under its 364-Day Credit Agreement and to redeem all $250 million of its outstanding 2.75% notes due 2018 and pay related premiums.
Wells Fargo Securities, LLC and J.P. Morgan Securities LLC are acting as joint book-running managers for the offering.
The offering may be made only by means of a prospectus supplement and accompanying base prospectus. A copy of the prospectus supplement and the accompanying base prospectus relating to the offering will be filed with the Securities and Exchange Commission and, when available, can be obtained by contacting: Wells Fargo Securities, LLC at 1-(800) 645-3751; firstname.lastname@example.org or J.P. Morgan Securities LLC collect at 1-(212) 834-4533.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Crane Co.
Crane Co. is a diversified manufacturer of highly engineered industrial products. Founded in 1855, Crane provides products and solutions to customers in the hydrocarbon processing, petrochemical, chemical, power generation, unattended payment, banknote design and production, automated merchandising, aerospace, electronics, transportation and other markets. The Company has four business segments: Fluid Handling, Payment & Merchandising Technologies, Aerospace & Electronics and Engineered Materials. Crane has approximately 12,000 employees in the Americas, Europe, the Middle East, Asia and Australia. Crane Co. is traded on the New York Stock Exchange (NYSE:CR).
This press release may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995, including with regard to the expected consummation of the offering and the anticipated use of proceeds from the offering. These statements present management's expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking statements. Such factors are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and subsequent reports filed with the Securities and Exchange Commission.