Carpenter Technology Corp. (CRS) said Thursday that it has priced an underwritten public offering of $300 million in aggregate principal amount of its 4.450% senior notes due 2023.
The company expects to use the net proceeds from the issuance of the senior notes to repay in full $100 million in aggregate principal amount of Carpenter Technology Corporation's 6.625% senior unsecured notes due May 2013, including any interest due thereon.
Carpenter Technology plans to use the remaining net proceeds from the offering for general corporate purposes, which may include pension contributions of up to $165 million, additions to working capital, capital expenditures, repayment of debt, the financing of acquisitions, joint ventures and other business combination opportunities or stock repurchases.
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