LATROBE, Pa., July 9 /PRNewswire-FirstCall/ -- Kennametal Inc. (NYSE:
KMT) 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.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of any of the
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws
of any such jurisdiction. The offering of these securities will be made only
by means of the prospectus supplement and the accompanying prospectus. A
registration statement relating to the securities has been filed with the
Securities and Exchange Commission.
Before you invest, you should read the prospectus in that registration
statement and other documents Kennametal has filed with the Securities and
Exchange Commission for more complete information about Kennametal and the
equity offering.
Copies of the final prospectus supplement and accompanying prospectus may
be obtained from J.P. Morgan, National Statement Processing, Prospectus
Library, 4 Chase Metrotech Center, CS Level, Brooklyn, New York 11245 or by
telephone at (718) 242-8002; Merrill Lynch & Co. 4 World Financial Center, New
York, New York 10080, Attention: Prospectus Department; and at www.sec.gov.
This release contains "forward-looking" statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements are statements that do not
relate strictly to historical or current facts. You can identify
forward-looking statements by the fact they use words such as "should,"
"anticipate," "estimate," "approximate," "expect," "may," "will," "project,"
"intend," "plan," "believe" and other words of similar meaning and expression
in connection with any discussion of future operating or financial performance
or event. Forward-looking statements in this release concern, among other
things, Kennametal's intention to conduct an offering of its common stock and
intended uses of proceeds from the offering, and are based on current
expectations that involve inherent risks and uncertainties. Should one or
more of these risks or uncertainties materialize, or should the assumptions
underlying the forward-looking statements prove incorrect, actual outcomes
could vary materially from those indicated. Factors that could cause the
actual results to differ materially from those indicated in the
forward-looking statements are more fully described in Kennametal's report on
Form 10-Q for the period ending March 31, 2009, the prospectus supplement
describing the offering and registration statement on Form S-3, and its other
periodic filings with the Securities and Exchange Commission. We undertake no
obligation to release publicly any revisions to forward-looking statements as
a result of future events or developments.
Kennametal Inc. (NYSE: KMT) is a leading global supplier of tooling,
engineered components and advanced materials consumed in production processes.
The company improves customers' competitiveness by providing superior economic
returns through the delivery of application knowledge and advanced technology
to master the toughest of materials application demands. Companies producing
everything from airframes to coal, from medical implants to oil wells and from
turbochargers to motorcycle parts recognize Kennametal for extraordinary
contributions to their value chains. As of the 2008 fiscal year end, customers
bought approximately $2.7 billion annually of Kennametal
products and services -- delivered by our 14,000 talented employees in
over 60 countries--with 50 percent of these revenues coming from outside North
America. [KMT-G]
SOURCE Kennametal Inc.
-0- 07/09/2009
/CONTACT: MEDIA RELATIONS, Joy Chandler, +1-724-539-4618; INVESTOR
RELATIONS, Quynh McGuire, +1-724-539-6559, both of Kennametal Inc./
/Web Site: http://www.kennametal.com /
(KMT)
CO: Kennametal Inc.; J.P. Morgan; Merrill Lynch & Co.
ST: Pennsylvania
IN: MIN MNG
SU: OFR
PR
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9639 07/09/200918:48 EDThttp://www.prnewswire.com
