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Carpenter Technology markets $300 million eight-year senior notes; initial talk low-to-mid 7% area
By Paul A. Harris
Portland, Ore., March 9 – Carpenter Technology Corp. began a brief roadshow on Wednesday for a $300 million public offering of eight-year senior notes (B2/BB+/BB), according to market sources.
Initial guidance has the notes coming to yield in the low-to-mid 7% area.
The deal is expected to price on Friday.
J.P. Morgan Securities LLC, BofA Securities Inc. and Wells Fargo Securities LLC are the joint bookrunners. PNC Capital Markets LLC, U.S. Bancorp Investments Inc. and KeyBanc Capital Markets Inc. are the co-managers.
The notes come with three years of call protection.
The Wyomissing, Pa.-based producer of specialty alloys and engineered products plans to use the proceeds to pay off its 4.45% senior notes due 2023.
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