Carpenter Technology Prices Debt Offering

Thu Feb 21, 2013 3:53pm EST

* Reuters is not responsible for the content in this press release.

WYOMISSING, Pa.--(Business Wire)--
Carpenter Technology Corporation (NYSE: CRS) today announced that it has priced
an underwritten public offering of $300 million in aggregate principal amount of
its 4.450% senior notes due 2023. Carpenter Technology Corporation expects to
use the net proceeds from the issuance of the senior notes to repay in full $100
million in aggregate principal amount of Carpenter Technology Corporation`s
6.625% senior unsecured notes due May 2013, including any interest due thereon.
Carpenter Technology Corporation intends to use the remaining net proceeds from
the offering for general corporate purposes, which may include pension
contributions of up to $165 million, additions to working capital, capital
expenditures, repayment of debt, the financing of acquisitions, joint ventures
and other business combination opportunities or stock repurchases. 

J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith
Incorporated are acting as joint book-running managers of the offering. 

Carpenter Technology Corporation has filed a registration statement (including a
prospectus) with the SEC for the offering to which this press release relates.
Before you invest in the notes, you should read the prospectus in that
registration statement and other documents the issuer has filed with the SEC for
more complete information about Carpenter Technology Corporation and this
offering. You may get these documents for free by visiting EDGAR on the SEC Web
Site at Alternatively, Carpenter Technology Corporation, any
underwriter, or any dealer participating in the offering will arrange to send
you the prospectus if you request by contacting J.P. Morgan Securities LLC, 383
Madison Avenue, New York, New York, 10179, Attention: High Grade Syndicate Desk,
3rd Floor, telephone collect at 1-212-834-4533 or Merrill Lynch, Pierce, Fenner
& Smith Incorporated, 222 Broadway, New York, NY 10038, Attention: Prospectus
Department, or email Phone: 1-800-294-1322. 

This press release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of these notes in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such

About Carpenter Technology Corporation

Carpenter Technology Corporation, based in Wyomissing, Pa., produces and
distributes specialty alloys, including stainless steels, titanium alloys and
superalloys, and various engineered products. Information about Carpenter can be
found at 

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, anticipated or implied. The most significant of these
uncertainties are described in Carpenter`s filings with the Securities and
Exchange Commission including its annual report on Form 10-K for the year ended
June 30, 2012, the 10-Q for the quarter ended September 30, 2012, the 10-Q for
the quarter ended December 31, 2012 and the exhibits attached to those filings.
They include but are not limited to: (1) expectations with respect to the
synergies, costs and other anticipated financial impacts of the Latrobe
acquisition transaction could differ from actual synergies realized, costs
incurred and financial impacts experienced as a result of the transaction; (2)
the cyclical nature of the specialty materials business and certain end-use
markets, including aerospace, defense, industrial, transportation, consumer,
medical, and energy, or other influences on Carpenter`s business such as new
competitors, the consolidation of competitors, customers, and suppliers or the
transfer of manufacturing capacity from the United States to foreign countries;
(3) the ability of Carpenter to achieve cost savings, productivity improvements
or process changes; (4) the ability to recoup increases in the cost of energy,
raw materials, freight or other factors; (5) domestic and foreign excess
manufacturing capacity for certain metals; (6) fluctuations in currency exchange
rates; (7) the degree of success of government trade actions; (8) the valuation
of the assets and liabilities in Carpenter`s pension trusts and the accounting
for pension plans; (9) possible labor disputes or work stoppages; (10) the
potential that our customers may substitute alternate materials or adopt
different manufacturing practices that replace or limit the suitability of our
products; (11) the ability to successfully acquire and integrate acquisitions,
including the Latrobe acquisition; (12) the availability of credit facilities to
Carpenter, its customers or other members of the supply chain; (13) the ability
to obtain energy or raw materials, especially from suppliers located in
countries that may be subject to unstable political or economic conditions; (14)
Carpenter`s manufacturing processes are dependent upon highly specialized
equipment located primarily in facilities in Reading and Latrobe, Pennsylvania
for which there may be limited alternatives if there are significant equipment
failures or catastrophic event; and (15) Carpenter`s future success depends on
the continued service and availability of key personnel, including members of
our executive management team, management, metallurgists and other skilled
personnel and the loss of these key personnel could affect our ability to
perform until suitable replacements are found. Any of these factors could have
an adverse and/or fluctuating effect on Carpenter`s results of operations. The
forward-looking statements in this document 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 amended.
Carpenter undertakes no obligation to update or revise any forward-looking

Carpenter Technology Corporation
Media Inquiries:
William J. Rudolph, Jr., 610-208-3892
Investor Inquiries:
Michael A. Hajost 610-208-3476

Copyright Business Wire 2013

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