Business
Kennametal Inc. Announces Public Offering of Senior Notes and Cash Tender Offer for Debt Securities
Kennametal Inc. Announces Public Offering of Senior Notes and Cash Tender Offer for Debt
About this update from Kennametal Inc.
[{"type":"text","content":"PITTSBURGH, May 19, 2026 /PRNewswire/ -- Kennametal Inc. (NYSE: KMT) (the \"Company\") today announced that it has commenced an underwritten public offering of senior notes (the \"Notes Offering\"). The exact amount and terms of the Notes Offering will depend upon market conditions and other factors. The Company also announced that concurrent with the Notes Offering it has commenced a cash tender offer (the \"Tender Offer\") to purchase any and all of the outstanding notes listed in the table below (the \"2028 Notes\").Title of SecurityCUSIP1Aggregate Principal Amount OutstandingReference U.S. Treasury SecurityFixed Spread (basis points)Bloomberg Reference Page24.625% Senior Notesdue 2028 489170AE0$300,000,0003.875% U.S. Treasury due March 15, 202830FIT 4The Tender OfferThe Tender Offer Consideration for the 2028 Notes will be determined taking into account the par call date, instead of the maturity date, of such 2028 Notes in accordance with standard market practice.The terms and conditions of the Tender Offer are described in an Offer to Purchase dated May 19, 2026 (as it may be amended or supplemented, the \"Offer to Purchase\"). The Tender Offer is subject to the satisfaction of certain conditions as set forth in the Offer to Purchase, including the receipt of aggregate gross proceeds in an amount sufficient to effect the repurchase of the 2028 Notes validly tendered and accepted for purchase pursuant to the Tender Offer at or prior to the Expiration Time (as defined below) on terms acceptable to the Company from the concurrent Notes Offering.Subject to applicable law, the Company may waive any and all of these conditions or extend or terminate the Tender Offer with respect to the 2028 Notes, at any time, prior to the Expiration Time. The Tender Offer is not conditioned upon any minimum amount of 2028 Notes being tendered. Capitalized terms used in this news release and not defined herein have the meanings given to them in the Offer to Purchase.The Tender Offer will expire at 5:00 p.m., New York City time, on May 26, 2026, unless extended (such date and time, as the same may be extended, the \"Expiration Time\") or earlier terminated. In order to receive the Tender Offer Consideration, Holders of 2028 Notes must validly tender and not validly withdraw their 2028 Notes (or comply with the procedures for guaranteed delivery) prior to th...