Carpenter Technology arranges $500 million five-year revolver

By Toni Weeks

San Luis Obispo, Calif., June 28 - Carpenter Technology Corp. said it has arranged a $500 million syndicated credit facility, according to a press release.

The five-year revolving line of credit replaces the company's existing $350 million revolver, which was due to mature in June 2016.

The new facility's terms are substantially the same as the prior agreement and include the same two financial covenants, debt-to-capital ratio and interest coverage ratio. Pricing, however, was improved, as the prior 20-basis-point facility fee was replaced with a commitment fee of 15 bps, which contributes to a reduction in the all-in drawn fee by 15 bps at the current rating level.

The new facility was substantially oversubscribed prior to allocations, the release said.

BofA Merrill Lynch and J.P. Morgan Securities serves as the joint lead arrangers. The lender syndicate includes 10 lenders.

Based in Wyomissing, Pa., Carpenter produces and distributes specialty alloys and various engineered products.

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