Carpenter Technology Corporation Announces Pricing of


PHILADELPHIA, March 11, 2022 (GLOBE NEWSWIRE) — Carpenter Technology Corporation (NYSE:CRS) (the “Company”) today announced that it has priced an offering in the aggregate principal amount of $300.0 million of 7.625% senior unsecured notes due 2030 (the “Notes”) in a secured public offering. The price of the Notes was 100.000% of the Principal Amount with a yield to maturity of 7.625%. The offering is expected to close on March 16, 2022, subject to the satisfaction of customary closing conditions.

The Company intends to use the net proceeds of the offering to fully redeem its 4.450% senior notes due 2023.

JP Morgan Securities LLC is acting as lead bookrunner for the offering.

The offering is being made pursuant to a self-executing shelf registration statement of the Company filed with the Securities and Exchange Commission (the “SEC”). The offering will be made only by means of a supplemental prospectus and the accompanying base prospectus, copies of which may be obtained by contacting the bookrunner using the information provided below. An electronic copy of the preliminary prospectus supplement, together with the accompanying prospectus, is also available on the SEC’s website, www.sec.gov or by contacting JP Morgan Securities LLC toll-free at (866)-803- 9204 or by writing to JP Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717.

This press release is neither an offer to sell nor a solicitation of an offer to buy the Bonds and does not constitute an offer, solicitation or sale, nor an offer to buy or the solicitation of an offer. sale of the Bonds in any way whatsoever. jurisdiction in which such offer, solicitation or sale is unlawful. This press release does not constitute a redemption notice for the 4.450% Senior Notes due 2023.

About Carpenter Technology
Carpenter Technology Corporation is a recognized leader in high performance specialty alloy materials and process solutions for critical applications in the aerospace, defense, medical, transportation, energy, industry and consumer electronics. Founded in 1889, Carpenter Technology has evolved into a pioneer in high-end specialty alloys including titanium, nickel and cobalt, as well as alloys specifically designed for additive manufacturing (AM) processes and soft magnetic applications . Carpenter Technology has expanded its additive manufacturing capabilities to provide a complete “end-to-end” solution to accelerate materials innovation and streamline part production.

Forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected, expected, anticipated or implied. The most significant of these uncertainties are described in Carpenter Technology’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the fiscal year ended June 30, 2021, Form 10-Q for quarters ended September 30, 2021 and December 31, 2021 and attachments to such filings. They include, but are not limited to: (1) the cyclical nature of the specialty materials business and certain end-use markets, including aerospace, defense, medical, transportation, energy, industry and consumer, or other influences on Carpenter Technology’s business such as new competitors, the consolidation of competitors, customers and suppliers, or the transfer of manufacturing capabilities from the United States to foreign countries; (2) Carpenter Technology’s ability to achieve cash generation, growth, earnings, profitability, operating income, cost savings and reductions, qualifications, productivity improvements or process changes ; (3) the ability to recover increases in the cost of energy, raw materials, freight or other factors; (4) excess domestic and foreign manufacturing capacity for certain metals; (5) fluctuations in exchange rates; (6) the effect of governmental trade measures; (7) valuation of assets and liabilities of Carpenter Technology pension trusts and accounting for pension plans; (8) potential labor disputes or work stoppages; (9) the possibility that Carpenter Technology’s customers may substitute other materials or adopt different manufacturing practices that replace or limit the suitability of Carpenter Technology’s products; (10) the ability to successfully acquire and integrate acquisitions; (11) the availability of credit facilities to Carpenter Technology, its customers or other members of the supply chain; (12) the possibility of obtaining energy or raw materials, in particular from suppliers located in countries which may be subject to unstable political or economic conditions; (13) Carpenter Technology’s manufacturing processes depend on highly specialized equipment located primarily at facilities in Reading and Latrobe, Pennsylvania and Athens, Alabama, for which there may be limited alternatives in the event of significant system failures. equipment or a catastrophic event; (14) the ability to hire and retain key personnel, including members of the management team, management, steelworkers and other qualified personnel; (15) fluctuations in oil and gas prices and production; (16) uncertainty regarding the return to service of the Boeing 737 MAX aircraft and the resulting supply chain disruption; (17) potential impacts of the COVID-19 pandemic on Carpenter Technology’s operations, financial results and financial condition; (18) the efforts of Carpenter Technology and the efforts of governmental authorities to mitigate the COVID-19 pandemic, such as travel bans, shelter-in-place orders and business closures, and the related impact on resource allocation and manufacturing and supply chains; (19) Carpenter Technology’s status as a “critical”, “essential” or “life support” business in light of COVID-19 laws, orders and business closure guidelines challenged by a government agency or other applicable authority; (20) Carpenter Technology’s ability to execute its business continuity, operational, budgetary and tax plans in light of the COVID-19 pandemic; and (21) Carpenter Technology’s ability to complete restructuring and exit activities as and when expected. Each of these factors could have an adverse and/or fluctuating effect on Carpenter Technology’s results of operations. The forward-looking statements contained herein are intended to be subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as than amended. Carpenter Technology assumes no obligation to update or revise any forward-looking statements.

Media inquiries:
Heather Beardsley
+1 610-208-2278
[email protected]

Investor requests:
The Plunkett Group
Brad Edwards
+1 914-582-4187
[email protected]

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