Kennametal boosts sublimit for foreign borrowers, extends maturity

By Susanna Moon

Chicago, Oct. 27 - Kennametal Inc. and its subsidiary Kennametal Europe GmbH boosted their total loan commitments by $100 million to $600 million by increasing the sublimit for loans to foreign borrowers to $250 million, according to an 8-K filing with the Securities and Exchange Commission.

Kennametal amended its $500 million five-year credit agreement on Friday with Bank of America, NA as administrative agent, issuing lender and swingline lender and with Bank of America NA, London Branch as euro swingline lender.

The agreement was set to expire on June 25, 2015. The loan terms were extended to Oct. 21, 2016, and the maximum borrowing capacity may be increased up to $850 million.

Interest on the loans is now Libor plus 90 basis points to 125 bps, based on credit ratings. The facility fee is 10 bps to 25 bps.

PNC Bank, NA and JPMorgan Chase Bank, NA are co-syndication agents. Citizens Bank of Pennsylvania and Bank of Tokyo-Mitsubishi UFJ Trust Co. are co-documentation agents.

Kennametal is a Latrobe, Pa., supplier of tooling, engineered components and advanced materials consumed in production processes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.