Carpenter Technology Corp. has completed a $500-million
syndicated credit facility to underpin its growth strategy.
revolving line of credit replaces a $350-million revolver due
to expire in June 2016, the Wyomissing, Pa.-based company said.
The new facility, comprised of 10 lenders, was substantially
oversubscribed prior to allocations, it added.
"Favorable markets and
rates gave us the opportunity to significantly increase our
financial flexibility with improved pricing and lower borrowing
costs," senior vice president and chief financial officer Tony
Thene said in a statement. "The completion of this $500-million
credit facility contributes to having a financial structure in
place that supports the companys overall growth
The terms of the facility remain largely unchanged from the
previous revolver and include the same two financial covenants,
debt-to-capital ratio and interest coverage ratio, the company