Kennametal Signs Credit Line
The company signs a $500 million agreement.
Kennametal
(KMT) - Get Report
, a maker of metalworking, construction and agricultural tools and products, signed a $500 million amended and restated revolving credit agreement.
The five-year credit line lowers Kennametal's borrowing costs and provides the company with the added flexibility to pursue strategic acquisitions.
Bank of America acted as co-lead arranger and will be the administrative agent for the transaction. Key Bank and National City Bank were co-lead arrangers and co-syndication agents.
Shares of Kennametal were down 38 cents, or 0.6%, to $60.03 Monday.
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