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Kennametal Signs Credit Line

The company signs a $500 million agreement.


(KMT) - Get Kennametal Inc. 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.

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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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