Loan & DebtJun 2, 2026, 04:13 PM
Kennametal Increases Revolving Credit to $850M, Secures $500M Term Loan
AI Summary
Kennametal Inc. and its subsidiary Kennametal Europe GmbH entered into a First Amendment to their Seventh Amended and Restated Credit Agreement, increasing the total commitments from $650 million to $850 million. Concurrently, the company secured a new $500 million Term Loan Credit Agreement. These actions enhance Kennametal's financial flexibility and borrowing capacity, with the revolving credit facility maturing on November 17, 2030, and both agreements containing various covenants including a maximum Consolidated Leverage Ratio.
Key Highlights
- Revolving Credit Agreement increased by $200 million.
- Total Revolving Credit commitments now $850 million.
- New $500 million Term Loan Credit Agreement established.
- Revolving Credit Agreement maturity date is November 17, 2030.
- Financial covenant: maximum Consolidated Leverage Ratio of 3.75:1.
- First National Bank of Pennsylvania added as a new lender.
Price Impact
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