Crane seals $400 million 364-day facility, upsizes five-year agreement

By Susanna Moon

Chicago, March 27 - Crane Co. closed a new $400 million 364-day credit facility at an interest rate of Libor plus 79.5 basis points to 150 bps, according to an 8-K filing with the Securities and Exchange Commission.

Crane entered into the 364-day credit facility on March 22 with J.P. Morgan Securities LLC and Wells Fargo Securities, LLC as lead arrangers and bookrunners. JPMorgan Chase Bank, NA is the administrative agent; Wells Fargo Bank, NA is the syndication agent; and RBS Citizens, NA, TD Bank NA and Bank of Tokyo-Mitsubishi UGJ, LTD are the documentation agents.

The 364-day agreement is conditioned on completion of the company's acquisition of MEI Conlux Holdings (U.S.), Inc. and MEI Conlux Holdings (Japan), Inc., the filing noted.

Amended facility

The company also amended its $300 million five-year credit agreement, lifting the availability to $500 million.

The facility will mature on May 18, 2017, as scheduled.

The company amended the facility on March 22 with JPMorgan Chase Bank, NA as administrative agent. UBS Securities LLC and Wells Fargo Bank, NA are the syndication agents. The Bank of New York Mellon and RBS Citizens, NA are the documentation agents.

Crane is a Stamford, Conn.-based diversified manufacturer of highly engineered industrial products.

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