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CARPENTER TECHNOLOGY REPORTS THE PURCHASE OF A PORTION OF ITS OUTSTANDING 12-7/8 PERCENT DEBENTURES DUE 2014

 CARPENTER TECHNOLOGY REPORTS THE PURCHASE OF A PORTION OF
 ITS OUTSTANDING 12-7/8 PERCENT DEBENTURES DUE 2014
 READING, Pa., Feb. 28 /PRNewswire/ -- Carpenter Technology Corp. (NYSE: CRS) announced today it has purchased in open market transactions $18,250,000 of its 12-7/8 percent debentures due 2014 at a premium over the par value.
 The purchase will result in an extraordinary charge of $.15 per share in the quarter ending March 31, 1992. The company said the purchase was made to replace high-cost debt with lower-cost debt in order to reduce future interest costs. The future earnings benefits will significantly exceed the extraordinary charge.
 /delval/
 -0- 2/28/92
 /CONTACT: John A. Schuler, treasurer of Carpenter Technology, 215-371-2165/
 (CRS) CO: Carpenter Technology Corporation ST: Pennsylvania IN: MNG SU:


LJ-MP -- PH002 -- 3584 02/28/92 08:49 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Feb 28, 1992
Words:137
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