Kennametal Repurchases $209M of 2028 Notes in Tender Offer
Summary
Kennametal announced the final results of its cash tender offer for its 4.625% Senior Notes due 2028. The company accepted $209.384 million of the $300 million outstanding notes that were validly tendered. This follows the company's May 19th announcement of the tender offer and a concurrent public offering of new senior notes to fund the repurchase. This move allows Kennametal to proactively manage its debt profile. The settlement of the tender offer is expected on May 29th, following the completion of the new notes offering on May 28th.
At the time of this announcement, KMT was trading at $36.02 on NYSE in the Manufacturing sector, with a market capitalization of approximately $2.8B. The 52-week trading range was $17.62 to $43.81. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: PR Newswire.