Kennametal Inc. (NYSE: KMT - News) announced today that the public offering of 7,000,000 shares of its common stock has priced at today's market close of $15.75 per share. The offering includes a 30-day option for the underwriters to purchase up to an additional 1,050,000 shares to cover over-allotments, if any.
Kennametal will use the net proceeds from the offering to pay down outstanding bank debt.
J.P. Morgan and Merrill Lynch & Co. are the joint book-runners for the common stock offering. Lead managers include Key Banc, Capital Markets Inc. and PNC Capital Markets LLC. Co-managers include ABN AMRO Incorporated, BNY Mellon Capital Markets, LLC, Comerica Securities, Inc., Mitsubishi UFJ Securities (USA), Inc. and Mizuho Securities USA Inc.
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