Carpenter Technology announces proposed $700M offering of senior notes

Carpenter Technology (CRS) announced its intention to offer, subject to market and other conditions, $700.0 million aggregate principal amount of its senior notes due 2034 through a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A and to certain persons outside of the United States pursuant to Regulation S, each under the Securities Act of 1933, as amended. The Company intends to use the net proceeds from the offering of the Notes, together with cash on hand, to redeem in full its 6.375% senior notes due 2028, including any accrued but unpaid interest due, repay in full its 7.625% senior notes due 2030, including any accrued but unpaid interest and premium due, and for general corporate purposes, which may include repayment or repurchase of certain other outstanding indebtedness.