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Timken borrows $350 million under revolving facility due 2024
By Wendy Van Sickle
Columbus, Ohio, April 3 – Timken Co. drew $350 million on its $650 million unsecured revolving credit facility on Friday, according to an 8-K filing with the Securities and Exchange Commission.
The company said it increased its borrowings under the credit facility as a precautionary measure to increase its cash position and enhance its financial flexibility during this period of uncertainty in the global markets resulting from the ongoing coronavirus pandemic.
The draw-down proceeds are currently being held on the company’s balance sheet and may be used for general corporate purposes.
Bank of America, NA and KeyBank NA are co-administrative agents for the revolver, which matures on June 25, 2024.
Timken is a Canton, Ohio-based mechanical components engineering, manufacturer and marketing company.
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