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Moody’s gives Kennametal notes Baa3
Moody’s Investors Service said it assigned a Baa3 rating to Kennametal Inc.’s $300 million of senior unsecured notes due 2031.
The Baa3 credit rating reflects Moody’s expectation Kennametal will demonstrate a continued conservative approach to balance sheet management and liquidity, improve its profitability and generate free cash flow during fiscal year 2021 and 2022, the agency said.
Kennametal will use the proceeds to redeem its $300 million of 3.875% senior unsecured notes due 2022. “The transaction will be leverage neutral and improve the company’s debt maturity profile. Pro forma for the proposed offering, Moody’s projects Kennametal’s total debt-to-EBITDA (inclusive of Moody’s adjustments) will be 2.5x at fiscal year-end 2022 (June 2022),” the agency said in a press release.
The outlook remains stable.
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