Crane Co. (NYSE:CR), 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 cmclientsupport@wellsfargo.com.
Alternatively, you may obtain these documents for free by visiting the
SEC’s website at www.sec.gov.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities, nor shall there be any
sale of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
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).
Forward-Looking Statements
This press release may contain forward-looking statements as defined by
the Private Securities Litigation Reform Act of 1995, including with
regard to the expected consummation of the offering and the anticipated
use of proceeds from the offering. These statements present management's
expectations, beliefs, plans and objectives regarding future financial
performance, and assumptions or judgments concerning such performance.
Any discussions contained in this press release, except to the extent
that they contain historical facts, are forward-looking and accordingly
involve estimates, assumptions, judgments and uncertainties. There are a
number of factors that could cause actual results or outcomes to differ
materially from those addressed in the forward-looking statements. Such
factors are detailed in Crane Co.’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2012 and subsequent reports filed with
the Securities and Exchange Commission.
Crane Co.
Richard E. Koch, 203-363-7352
Director, Investor Relations and Corporate Communications
www.craneco.com