Crane Co/DE – ‘SC 14D1/A’ on 3/11/94 re: Eldec Corp

As of:  Friday, 3/11/94   ·   Accession #:  25445-94-9   ·   File #:  5-37956

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Amendment to Tender-Offer Statement — Third-Party Tender Offer   —   Schedule 14D-1
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Document/Exhibit                   Description                      Pages   Size 

 1: SC 14D1/A   Amendment 1                                            3     12K 

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SC 14D1/A
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SECURITIES AND EXCHANGE COMMISSION                
Washington, D.C. 10549                

SCHEDULE 14D-1                
Tender Offer Statement Pursuant to Section 14(d)(1)               
of the Securities Exchange Act of 1934                

AMENDMENT NO.1                

ELDEC CORPORATION               
(Name of Subject Company)               

CRANE ACQUISITION CORP.               
CRANE CO.               
(Bidders)               

Common Stock, par value $0.05 per Share               
(Title of Class of Securities)                

284452 10 9               
(CUSIP Number of Class of Securities)               

Paul R. Hundt               
Secretary               
Crane Co.               
100 First Stamford Palace               
Stamford, CT 06902                
Telephone Number (203) 363-7300               
(Name, Address and Telephone Number of Person Authorized to               
Receive Notices and Communications on Behalf of Bidders)                        

Copy to:                
Albert F. Lilley                
Milbank, Tweed, Hadley & McCloy               
1 Chase Manhattan Plaza               
New York, New York 10005                
Telephone: (212) 530-5754               

SC 14D1/A
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This Statement constitutes Amendment No. 1 to the Schedule            
14D-1 filed with the Securities and Exchange Commission on                      
February 17, 1994 (the "Schedule 14D-1") with respect to the                    
Common Shares of ELDEC Corporation (the "Issuer").                              

This Statement is being filed by Crane Co. ("Crane") and              
Crane Acquisition Corp. (the "Purchaser").  Other than as set                   
forth herein, there has been no material change in the                          
information set forth in the Schedule 14D-1.                                    

Item 4.  Source and Amount of Funds or Other Consideration.                     

(a)-(b) Crane has established uncommitted, multi-purpose              
money market borrowing lines with each of eight banks, ranging                  
in amount from $10 million to $50 million and aggregating $260                  
million.  Borrowings can be made at any time or from time to                    
time under each of these lines, up to the principal amount                      
thereof, for general corporate purposes, including acquisitions.                
The precise terms of each borrowing, including interest rate and                
maturity are determined at the time of takedown.  The interest                  
rates are based upon a margin (agreed upon at the time of the                   
borrowing) above or below a stated market index-offered rate                    
available from the lending banks at the time of the takedown.                   
Borrowings are made at durations over overnight and up to 180                   
days.  Borrowings are unsecured.  As of the close of business on                
March 4, 1994, $49.6 million principal amount of borrowings were                
outstanding under these lines, with a weighted average interest                 
rate of 3.5%.  The cost of future borrowings under these lines                  
will depend on market conditions, the amount and maturity of the                
borrowing and credit considerations deemed relevant by the                      
lending bank.  It is anticipated that borrowings under these                    
lines in connection with the Offer will be repaid from                          
internally-generated funds, from further borrowings under these                 
lines of credit, or from the proceeds of issuance of other debt                 
securities which the Company may issue from time to time in the                 
future.  Decisions with respect to application of internally-                   
generated funds, further borrowings under existing lines of                     
credit and issuance of additional debt securities from time to                  
time in the future will be based on a variety of factors,                       
including interest rates and other economic conditions                          
prevailing at the time.                                                         

(c)  By letter dated March 11, 1994, the Secretary of the             
Securities and Exchange Commission, Crane and Purchaser                         
requested that the names of the eight banks which make available                
the lines of credit not be made available to the public.                        

Item 10.  Additional Information.                                               

(b)-(c), (e) The waiting period under the Hart-Scott-Rodino           
Antitrust Improvements Act of 1976 was terminated effective                     
March 9, 1994.                                                                  

SC 14D1/A
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SIGNATURES                

After due inquiry and to the best of its knowledge and                
belief, the undersigned certifies that the information set forth                
in this statement is true, complete and correct.                                

Dated:  March 11, 1994                                                          

   CRANE ACQUISITION CORP.

   /s/ Paul R. Hundt
By:                 
     Name: Paul R. Hundt
       Title: Vice President

CRANE CO.           

   /s/ Paul R. Hundt
By:                 
     Name: Paul R. Hundt
       Title: Vice President

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘SC 14D1/A’ Filing		Date		First		Last			Other Filings
Filed on:		3/11/94		2		3
		3/9/94		2
		3/4/94		2
		2/17/94		2					SC 14D1
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