Source: Crane Co. | Released Dec. 10, 2013
STAMFORD, CT -- Dec. 10 -- Crane Co., a diversified manufacturer of highly engineered industrial products, announced today the pricing of an underwritten public offering of $250 million of 2.750% Senior Notes due 2018 and $300 million of 4.450% Senior Notes due 2023.
Crane intends to use the net proceeds from the offering to repay a substantial portion of amounts borrowed under (i) its 364-day credit agreement and (ii) its $500 million credit agreement maturing in 2017 to finance a portion of the purchase price of all of the outstanding equity interests of MEI Conlux Holdings (U.S.) Inc. and its affiliate MEI Conlux Holdings (Japan) Inc. Subject to customary closing conditions, the sale of the notes is expected to close on or about December 13, 2013.
J.P. Morgan Securities LLC and Wells Fargo Securities LLC are acting as joint book-running managers for the offering.
The offering may be made only by means of a prospectus supplement and accompanying base prospectus which are part of an effective shelf registration statement filed with the Securities and Exchange Commission (the "SEC") on May 6, 2013. When available, copies of the prospectus supplement and accompanying base prospectus may be obtained by contacting J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attention: Investment Grade Syndicate Desk, 3rd Floor or by calling collect at (212) 834-4533, or by contacting Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262, Attention: Capital Markets Client Support or by calling toll-free at (800) 326-5897 or by emailing a request to email@example.com. Alternatively, you may obtain these documents for free by visiting the SEC's website at www.sec.gov.
About Crane Co.
Crane Co. is a diversified manufacturer of highly engineered industrial products. Founded in 1855, Crane provides products and solutions to customers in the aerospace, electronics, hydrocarbon processing, petrochemical, chemical, power generation, automated merchandising, transportation and other markets. Crane Co. has four business segments: Aerospace & Electronics, Engineered Materials, Merchandising Systems and Fluid Handling. Crane has approximately 10,000 employees in North America, South America, Europe, Asia and Australia. Crane Co. is traded on the New York Stock Exchange (NYSE: CR).
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