Cash-handling and payment equipment supplier Crane Co. announced a new five-year, $650 million revolving credit agreement to replace an existing $550 million credit facility.
The latest revolving credit agreement involves JPMorgan Chase Bank as administrative agent; Wells Fargo Bank as syndication agent; and HSBC Bank USA, U.S. Bank and Bank of America as documentation agents.
Under the new loan agreement, Crane Co. “must maintain a debt to capitalization ratio not exceeding 0.65 to 1.00 at all times.”
Second-quarter net income increased more than nine fold year-on-year at Crane Co., the company reported last week. Group net income was US$138.3 million for the three months to June 30, versus US$14.8 million in the prior-year quarter. Crane Co.’s results for the second quarter of 2020 had been negatively impacted by factors linked to the Covid-19 pandemic, said the firm at the time.
