LATROBE, Pa., July 8 /PRNewswire-FirstCall/ -- Kennametal Inc. (NYSE: KMT)
announced today its intention to offer, subject to market and other
conditions, 6,500,000 shares of common stock. In addition, Kennametal expects
to grant the underwriters an option for a period of thirty days to purchase up
to 975,000 additional shares of common stock. The offering will be made
pursuant to the company's shelf registration statement filed with the
Securities and Exchange Commission.
Kennametal intends to 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.
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.
Copies of the preliminary 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.
CONTACT: Media Relations, Joy Chandler, +1-724-539-4618, or Investor
Relations, Quynh McGuire, +1-724-539-6559, both of Kennametal Inc.
