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CARPENTER TECHNOLOGY ANNOUNCES SALE YESTERDAY OF $100 MILLION OF 30-YEAR DEBENTURES

 CARPENTER TECHNOLOGY ANNOUNCES SALE
 YESTERDAY OF $100 MILLION OF 30-YEAR DEBENTURES
 READING, Pa., March 10 /PRNewswire/ -- Carpenter Technology Corporation (NYSE: CRS) today announced the sale yesterday of $100 million principal amount of 9 percent Sinking Fund Debentures due 2022, priced at 99.485 percent of their principal amount, to yield 9.05 percent.
 The debentures were purchased by The First Boston Corporation and J.P. Morgan Securities Inc. as underwriters for resale to institutional investors.
 The debentures may not be redeemed prior to March 15, 2002. Thereafter, the debentures may be redeemed at the option of the company, in whole or in part, at redemption prices beginning at 104.24 percent of their principal amount declining to par on and after March 15, 2012. The debentures are entitled to mandatory annual sinking fund payments of $5 million beginning March 15, 2003, calculated to retire approximately 95 percent of the debentures prior to maturity. The company has the noncumulative option to increase the sinking fund payment in any year by an additional amount not exceeding $5 million.
 Net proceeds to the company will be used to repay outstanding commercial paper and bank debt, a portion of which was incurred to purchase the company's common stock and some of the company's 12-7/8 percent Sinking Fund Debentures.
 Carpenter is a leading manufacturer, fabricator and marketer of stainless steels and special alloys for a variety of end-use markets.
 /delval/
 -0- 3/10/92
 /CONTACT: John A. Schuler, treasurer of Carpenter Technology, 215-371-2165/
 (CRS) CO: Carpenter Technology Corporation ST: Pennsylvania IN: MNG SU:


MK-LJ -- PH017 -- 6921 03/10/92 13:13 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Mar 10, 1992
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