Crane Holdings Co.
said late Monday the financing part of its goal to split into two publicly traded companies has been secured. The credit agreements will provide an aggregate principal amount of $1.65 billion in new syndicated revolving credit and loan facilities for Crane Co. and the Crane Holdings Co., which will be renamed Crane NXT Co. The split is expected to be completed in early April. The new financing will ensure that the two companies “will each have strong and flexible balance sheets, enabling them to execute on their growth strategies,” Chief Financial Officer Richard Maue said in a statement. The industrial products manufacturer announced the split a year ago, saying it aimed to unlock shareholder value and accelerate growth. Shares of Crane Holdings were flat in the extended session after ending the regular trading day up 2.2%.