Kennametal Refinances Debt, Expands Credit Facilities to Support Tungsten Demand
MT Newswires Live
May 29
Kennametal (KMT) completed a series of financing transactions aimed at boosting liquidity, extending debt maturities and supporting near-term tungsten-related working capital needs, the company said Friday.
The company completed a $300 million offering of 5.800% senior unsecured notes due 2036 and a cash tender offer for $300 million of 4.625% senior notes due 2028, it said.
The remaining untendered 2028 notes will be redeemed on July 1, the company said.
Kennametal said it also entered into a three-year $500 million delayed-draw term loan priced at secured overnight financing rate plus 112.5 basis points and expanded its revolving credit facility by $200 million to $850 million.
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