Crane Closes Notes Offering

It wants to pay down debt.
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Crane

(CR) - Get Report

, a manufacturer of engineered industrial products, said Monday that it completed a $200 million notes offering.

The Stamford, Conn.- based company's notes were issued at a public offering price of 99.494% of par, and will bear interest at a coupon rate of 6.55% per annum, payable semi-annually on each May 15 and Nov. 15, until maturity on Nov. 15, 2036.

The offering was made pursuant to the company's shelf registration, previously filed with, and declared effective by the SEC.

The net proceeds of the offering will be used to repay indebtedness outstanding.

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