| | ||||||||||||
Title of Securities
to be Registered |
| |
Maximum
Aggregate Offering Price |
| |
Amount of
Registration Fee |
| ||||||
6.375% Senior Notes due 2028
|
| | | $ | 400,000,000 | | | | | $ | 51,920(1) | | |
| | |
Per Note
|
| |
Total
|
| ||||||
Public offering price(1)
|
| | | | 100.000% | | | | | $ | 400,000,000 | | |
Underwriting discount
|
| | | | 1.125% | | | | | $ | 4,500,000 | | |
Proceeds, before expenses, to Carpenter Technology Corporation(1)
|
| | | | 98.875% | | | | | $ | 395,500,000 | | |
|
BofA Securities
|
| |
J.P. Morgan
|
|
| PNC Capital Markets LLC | | |
US Bancorp
|
| |
Wells Fargo Securities
|
|
|
PROSPECTUS SUPPLEMENT
|
| ||||||
| | | | | S-ii | | | |
| | | | | S-iii | | | |
| | | | | S-iv | | | |
| | | | | S-v | | | |
| | | | | S-1 | | | |
| | | | | S-10 | | | |
| | | | | S-14 | | | |
| | | | | S-15 | | | |
| | | | | S-16 | | | |
| | | | | S-33 | | | |
| | | | | S-37 | | | |
| | | | | S-41 | | | |
| | | | | S-41 | | |
|
PROSPECTUS
|
| ||||||
| | | | | 2 | | | |
| | | | | 2 | | | |
| | | | | 3 | | | |
| | | | | 4 | | | |
| | | | | 6 | | | |
| | | | | 7 | | | |
| | | | | 8 | | | |
| | | | | 9 | | | |
| | | | | 19 | | | |
| | | | | 20 | | | |
| | | | | 20 | | |
$ in millions
|
| |
FY20 Preliminary
|
| |
FY21 Estimate
|
| ||||||
Depreciation and amortization
|
| | | $ | 124 | | | | | $ | 130 | | |
Capital expenditures
|
| | | $ | 170 | | | | | $ | 120 | | |
Pension contributions
|
| | | $ | 7 | | | | | $ | 20 | | |
Pension expense
|
| | | $ | 15 | | | | | $ | 23 | | |
Interest expense
|
| | | $ | 20 | | | | | $ | 24 | | |
| | |
Nine months ended
March 31, |
| |
Fiscal year ended June 30,
|
| ||||||||||||||||||||||||
(dollars in millions)
|
| |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||||||||
Statement of Income Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net sales
|
| | | $ | 1,743.8 | | | | | $ | 1,738.8 | | | | | $ | 2,380.2 | | | | | $ | 2,157.7 | | | | | $ | 1,797.6 | | |
Operating income
|
| | | $ | 173.5 | | | | | $ | 173.6 | | | | | $ | 241.4 | | | | | $ | 189.3 | | | | | $ | 121.5 | | |
Net income
|
| | | $ | 119.9 | | | | | $ | 118.1 | | | | | $ | 167.0 | | | | | $ | 188.5 | | | | | $ | 47.0 | | |
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 93.0 | | | | | $ | 18.9 | | | | | $ | 27.0 | | | | | $ | 56.2 | | | | | $ | 66.3 | | |
Property, plant and equipment, net
|
| | | $ | 1,395.2 | | | | | $ | 1,350.8 | | | | | $ | 1,366.2 | | | | | $ | 1,313.4 | | | | | $ | 1,316.8 | | |
Total assets
|
| | | $ | 3,429.4 | | | | | $ | 3,240.2 | | | | | $ | 3,187.8 | | | | | $ | 3,007.0 | | | | | $ | 2,878.1 | | |
Long-term debt, net of current portion
|
| | | $ | 552.4 | | | | | $ | 549.0 | | | | | $ | 550.6 | | | | | $ | 545.7 | | | | | $ | 550.0 | | |
Total liabilities
|
| | | $ | 1,810.9 | | | | | $ | 1,682.6 | | | | | $ | 1,667.7 | | | | | $ | 1,521.1 | | | | | $ | 1,679.5 | | |
Total stockholders’ equity
|
| | | $ | 1,618.5 | | | | | $ | 1,557.6 | | | | | $ | 1,520.1 | | | | | $ | 1,485.9 | | | | | $ | 1,198.6 | | |
Cash Flow Information Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash flow provided by operating activities
|
| | | $ | 94.9 | | | | | $ | 57.2 | | | | | $ | 232.4 | | | | | $ | 209.2 | | | | | $ | 130.3 | | |
Cash flow used in investing activities
|
| | | $ | (143.7) | | | | | $ | (195.1) | | | | | $ | (244.6) | | | | | $ | (139.4) | | | | | $ | (112.1) | | |
Cash flow provided by (used in) financing activities
|
| | | $ | 117.7 | | | | | $ | 97.4 | | | | | $ | (19.4) | | | | | $ | (78.9) | | | | | $ | (33.8) | | |
Other Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjusted EBITDA(1)
|
| | | $ | 277.2 | | | | | $ | 273.2 | | | | | $ | 374.5 | | | | | $ | 320.1 | | | | | $ | 287.7 | | |
| | |
Nine months ended
March 31, |
| |
Fiscal year ended June 30,
|
| ||||||||||||||||||||||||
(dollars in millions)
|
| |
2020
|
| |
2019
|
| |
2019
|
| |
2018
|
| |
2017
|
| |||||||||||||||
Net income
|
| | | $ | 119.9 | | | | | $ | 118.1 | | | | | $ | 167.0 | | | | | $ | 188.5 | | | | | $ | 47.0 | | |
Non-cash net pension expense
|
| | | $ | 11.5 | | | | | $ | 8.7 | | | | | $ | 11.6 | | | | | $ | 14.2 | | | | | $ | 48.4 | | |
Depreciation and amortization
|
| | | $ | 92.2 | | | | | $ | 90.9 | | | | | $ | 121.5 | | | | | $ | 116.6 | | | | | $ | 117.8 | | |
Interest expense
|
| | | $ | 15.6 | | | | | $ | 20.3 | | | | | $ | 26.0 | | | | | $ | 28.3 | | | | | $ | 29.8 | | |
Other expense (income), net
|
| | | $ | 3.4 | | | | | $ | (0.1) | | | | | $ | (0.6) | | | | | $ | 0.8 | | | | | $ | 21.5 | | |
Income tax expense (benefit)
|
| | | $ | 34.6 | | | | | $ | 35.3 | | | | | $ | 49.0 | | | | | $ | (28.3) | | | | | $ | 23.2 | | |
Adjusted EBITDA
|
| | | $ | 277.2 | | | | | $ | 273.2 | | | | | $ | 374.5 | | | | | $ | 320.1 | | | | | $ | 287.7 | | |
| | |
March 31, 2020
|
| |||||||||
| | |
Actual
|
| |
As Adjusted
|
| ||||||
| | |
(unaudited, $ in millions)
|
| |||||||||
Cash and cash equivalents(2)
|
| | | $ | 93.0 | | | | | $ | 227.4 | | |
Long-term debt:(1) | | | | | | | | | | | | | |
Senior unsecured notes, 5.200% due July 2021 (face value of $250.0 million at March 31, 2020)
|
| | | | 252.8 | | | | | | — | | |
Senior unsecured notes, 4.450% due March 2023 (face value of $300.0 million at March 31, 2020)
|
| | | | 299.6 | | | | | | 299.6 | | |
Notes offered hereby
|
| | | | — | | | | | | 400.0 | | |
Total long-term debt
|
| | | | 552.4 | | | | | | 699.6 | | |
Total stockholders’ equity
|
| | | | 1,618.5 | | | | | | 1,618.5 | | |
Total capitalization
|
| | | $ | 2,170.9 | | | | | $ | 2,318.1 | | |
Period
|
| |
Redemption Price
|
| |||
2023
|
| | | | 103.188% | | |
2024
|
| | | | 101.594% | | |
2025 and thereafter
|
| | | | 100.000% | | |
Name of Underwriter
|
| |
Principal
Amount of Notes |
| |||
BofA Securities, Inc.
|
| | | $ | 140,000,000.00 | | |
J.P. Morgan Securities LLC
|
| | | $ | 140,000,000.00 | | |
PNC Capital Markets LLC
|
| | | $ | 40,000,000.00 | | |
U.S. Bancorp Investments, Inc.
|
| | | $ | 40,000,000.00 | | |
Wells Fargo Securities, LLC
|
| | | $ | 40,000,000.00 | | |
Total
|
| | | $ | 400,000,000.00 | | |
| | |
Per Note
|
| |
Total
|
| ||||||
Underwriting discount
|
| | | | 1.125% | | | | | $ | 4,500,000 | | |
| | | | | 2 | | | |
| | | | | 2 | | | |
| | | | | 3 | | | |
| | | | | 4 | | | |
| | | | | 6 | | | |
| | | | | 7 | | | |
| | | | | 8 | | | |
| | | | | 9 | | | |
| | | | | 19 | | | |
| | | | | 20 | | | |
| | | | | 20 | | |
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