Crane enters into $650 million five-year replacement revolver

Chicago, July 29 – Crane Co. said it entered into a $650 million five-year revolving credit facility on Wednesday with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

CR Holdings CV was listed as the Dutch borrowing subsidiary on the loan.

Interest will be between Libor plus 80.5 basis points and 150 bps, based on ratings. There are hardwired Libor-transition provisions.

A facility fee on the daily unused portion of the revolver will range from 7 bps to 25 bps, also based on ratings.

The company must maintain a debt to capitalization ratio of 0.65x at all times.

Wells Fargo Bank, NA is the syndication agent.

HSBC Bank USA, NA, U.S. Bank NA and Bank of America, NA are documentation agents.

JPMorgan and Wells Fargo were joint bookrunners.

Joint lead arrangers are JPMorgan, Wells Fargo and TD Bank, New York Branch.

The facility replaces the $550 million revolver that was signed Dec. 20, 2017 and due to expire on Dec. 20, 2022.

Stamford, Conn.-based Crane is a manufacturer of highly engineered industrial products.

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