Crane Co gets fresh US$650mln revolving credit

Jul 30, 2021 Newsdesk Industry Talk, Latest News, Top of the deck  

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Crane Co has inked a new US$650-million, five-year revolving credit agreement,  the firm announced on Thursday. The new revolving credit replaces an existing US$550 million revolving credit facility, dated December 2017, the United States-listed company said in a filing.

Crane Co is a provider of products and services to sectors including cash handling in the casino industry.

The latest revolving credit agreement involves as lenders: 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 capitalisation ratio not exceeding 0.65 to 1.00 at all times.”

Second-quarter net income increased more than ninefold year-on-year at Crane Co, said the company on Monday. 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.

Quarterly net sales for payment and merchandising technologies – including casino cash handling – rose 32.6 percent in the second quarter of 2021, to US$328.2 million, from US$247.6 million in the prior-year quarter.

Crane Co’s total debt was US$858 million at June 30, compared to nearly US$1.22 billion at December 31.

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