Kennametal to redeem $400 million 2.65% notes via new note proceeds

By Sarah Lizee

Olympia, Wash., June 7 – Kennametal Inc. plans to redeem its $400 million of 2.65% notes due November 2019 using proceeds from an offering of $300 million of 4.625% senior notes due 2028 and cash on hand, according to a press release.

The notes will be redeemed on July 9 at par plus a make-whole premium calculated using a discount rate of Treasuries plus 25 basis points plus accrued interest to the redemption date.

Proceeds from the offering will also be used for general corporate purposes.

Kennametal is a Latrobe, Pa., manufacturer, marketer and distributor of cutting tools, tooling systems, supplies and technical services and wear-resistant parts.

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