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Kennametal Signs Five-Year Loan Agreement with Enhanced Covenants - Kennametal, Inc. announced the signing of a $600 million five-year credit agreement - Kennametal.com
Kennametal Signs Five-Year Loan Agreement with Enhanced Covenants

 

PRZOOM - /newswire/ - Pittsburgh, PA, United States, 2016/04/18 - Kennametal, Inc. announced the signing of a $600 million five-year credit agreement - Kennametal.com. NYSE: KMT

   
 
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This syndicated bank facility amends and restates Kennametal's prior loan agreement. It contains enhanced covenant adjustments relative to the company's amended 2010 agreement.

"We are very pleased with our banking partners' confidence in and support of Kennametal. This five-year agreement meaningfully extends our debt maturity profile and provides the funding stability and liquidity that we believe is an important part of the Kennametal strategy," commented Kennametal President and Chief Executive Officer Ron DeFeo. Kennametal intends to use these funds for general corporate purposes and to refinance the company's revolving credit facility that was scheduled to mature in April 2018.

Bank of America N.A. is acting as joint lead arranger and administrative agent for the transaction. PNC Bank, National Association and JPMorgan Chase Bank, N.A. are also joint lead arrangers and co-syndication agents. The agent group is completed by Citizens Bank of Pennsylvania, The Bank of Tokyo-Mitsubishi UFJ, Ltd., and Mizuho Bank, Ltd. in their capacity as co-documentation agents.

About Kennametal, Inc.

At the forefront of advanced materials innovation for more than 75 years, Kennametal, Inc. (kennametal.com) is a global industrial technology leader delivering productivity to customers through materials science, tooling and wear-resistant solutions. Customers across aerospace, earthworks, energy, general engineering and transportation turn to Kennametal to help them manufacture with precision and efficiency. Every day nearly 12,000 employees are helping customers in more than 60 countries stay competitive. Kennametal generated more than $2.6 billion in revenues in fiscal 2015.

 
 
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Agency / Source: Kennametal, Inc.

 
 

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Kennametal Signs Five-Year Loan Agreement with Enhanced Covenants

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Kennametal, Inc. | Bank of America N.A.
Contact: Press Office - Kennametal.com 
724-539-5708 corporate.relations[.]kennametal.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Kennametal, Inc. securities in any jurisdiction including any other companies listed or named in this release.

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