Crane Co, a U.S.-based industrial conglomerate that supplies payment and merchandising technology to the gaming industry, has entered into a US$550 million five-year revolving credit agreement with a syndicate of banks led by JPMorgan Chase Bank. The new facility will replace an existing US$500 million revolving credit facility which was due to expire on May 2020.
The company said in a Thursday filing it also had entered into a new US$150 million 364-day credit agreement and a new US$200 million three-year term loan credit agreement.
Ealier this month, Crane announced it had agreed to a 100-percent buyout of Crane and Co Inc – also known as Crane Currency – for US$800 million on a “cash-free and debt-free basis”.
Crane posted third quarter net income of US$68.2 million, up by 7.4 percent from the prior-year period. The company reported total net sales of US$695.9 million for the period, a slight increase compared to US$694.2 million in the third quarter of 2016.
The firm’s payment and merchandising technology division – which sells products to the casino industry – recorded a year-on-year sales increase of 1.0 percent in the three months ended September 30.
Feb 16, 2018Due to the Chinese New Year holiday, the GGRAsia team will be off between February 16 and 19. We will be back on February 20. We wish all our readers a prosperous Year of the Dog!
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Fitch Ratings Inc