Carpenter Technology arranges $400 million five-year revolver

By Wendy Van Sickle

Columbus, Ohio, March 31 – Carpenter Technology Corp. said it has completed a $400 million syndicated credit facility, according to a press release.

The five-year revolving line of credit replaces the company’s existing revolver, which was due to mature in June 2018.

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.

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

Bank of America Merrill Lynch and J.P. Morgan Securities serve as the joint lead arrangers. The lender syndicate includes nine lenders.

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

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