PHILADELPHIA, Nov. 20, 2025 (GLOBE NEWSWIRE) -- Carpenter Technology Corporation (NYSE:CRS) (the "Company") announced today the closing of its previously announced offering of $700.0 million aggregate principal amount of 5.625% senior notes due 2034 (the "Notes") through a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A and to certain persons outside of the United States pursuant to Regulation S, each under the Securities Act of 1933, as amended (the "Securities Act"). The Company intends to use the net proceeds from the offering of the Notes, together with cash on hand, to redeem in full its 6.375% senior notes due 2028, including any accrued but unpaid interest due, and redeem in full its 7.625% senior notes due 2030, including any accrued but unpaid interest and premium due.

The Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the Securities Act or the securities laws of any other jurisdiction.

This press release is neither an offer to sell nor a solicitation of an offer to buy the Notes and shall not constitute an offer, solicitation or sale, nor is it an offer to purchase or the solicitation of an offer to sell the Notes in any jurisdiction in which such offer, solicitation or sale is unlawful.

This press release does not constitute a notice of redemption with respect to the 6.375% senior notes due 2028 or the 7.625% senior notes due 2030.

The Company also entered into an amendment and restatement of its second amended and restated credit agreement to increase the revolving commitments under the credit facility from $350 million of secured commitments to $500 million of unsecured commitments and increase the uncommitted accordion feature under the credit facility allowing for an increase to the revolving commitments and/or the establishment of new term loans by an aggregate amount not to exceed $650 million. The ...