Crane gets $350 million 364-day bridge commitment for acquisition

By Wendy Van Sickle

Columbus, Ohio, Dec. 5 – Crane Co. entered into a commitment letter with Wells Fargo Bank, NA and Wells Fargo Securities, LLC for a $350 million 364-day term loan to fund Crane’s planned purchase of Crane & Co., Inc. “Crane Currency,” according to an 8-K filed with the Securities and Exchange Commission.

Crane entered into an agreement Tuesday to purchase Crane Currency for a base purchase price of $800 million on a cash-free, debt-free basis.

Crane said the $350 million commitment and cash of hand are sufficient to fund the transaction.

Interest is Libor plus a margin ranging from 87.5 bps to 175 bps, depending on Crane’s credit ratings.

Crane is a Stamford, Conn.-based diversified manufacturer of highly engineered industrial products. Crane Currency is a Boston-based manufacturer of cotton-based paper products used in the printing of national currencies, passports and banknotes.

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