Kennametal Inc. Announces Final Results and Expiration of Cash Tender Offer for Debt Securities
Rhea-AI Summary
Kennametal (NYSE: KMT) announced final results and expiration of its cash tender offer for its 4.625% Senior Notes due 2028.
Of $300 million outstanding, $209,384,000 was validly tendered. Subject to conditions, Kennametal expects to settle on May 29, 2026, including accrued interest, following a concurrent notes offering expected on May 28, 2026.
Positive
- Holders tendered $209,384,000 of 4.625% Senior Notes due 2028
- Tender offer targets up to $300,000,000 principal amount of notes
- Settlement expected May 29, 2026 with accrued interest paid
Negative
- Settlement of tender offer remains subject to stated closing conditions
- Completion depends on concurrent senior notes offering expected May 28, 2026
News Market Reaction – KMT
In the May 27 session, KMT declined 5.90%, reflecting a notable negative market reaction. Argus tracked a trough of -5.2% from its starting point during tracking. Our momentum scanner triggered 28 alerts that day, indicating elevated trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 26 | Tender offer pricing | Neutral | +2.4% | Set pricing terms for cash tender of 4.625% notes due 2028. |
| May 19 | Notes offering & tender | Neutral | -1.0% | Announced senior notes offering and concurrent tender for 2028 notes. |
| May 18 | Conference attendance | Neutral | +0.8% | Disclosed participation in KeyBanc industrials and materials conference. |
| May 06 | Earnings beat & guidance | Positive | +15.4% | Reported strong Q3 results and raised full-year sales and EPS outlook. |
| Apr 15 | Earnings call notice | Neutral | -2.8% | Announced schedule and hosts for upcoming Q3 earnings call. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent news tied to earnings and capital structure (new notes and tender offer) has generally seen positive or mixed share reactions, with strong upside to solid quarterly results.
Over the last few months, Kennametal has combined strong operational performance with balance sheet actions. On May 6, 2026, fiscal Q3 results and raised guidance triggered a 15.36% move. Subsequent announcements on May 19 and May 26 detailed a new senior notes offering and a cash tender for $300 million of 4.625% notes due 2028, with pricing terms and now final tender results. The current release confirms execution of this liability-management plan.
Key Terms
cash tender offer financial
senior notes financial
CUSIP financial
accrued and unpaid interest financial
notice of guaranteed delivery regulatory
dealer manager financial
tender and information agent financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
According to the information provided by Global Bondholder Services Corporation, the aggregate principal amount of the Notes that were validly tendered and not validly withdrawn as of the Expiration Time is set forth in the table below.
Title of Security | CUSIP(1) | Aggregate Principal | Aggregate Principal |
due 2028 | 489170AE0 |
________________________ |
(1) No representation is made as to the correctness or accuracy of the CUSIP numbers listed in this news release or printed |
(2) As reported by Global Bondholder Services Corporation, the Tender and Information Agent for the Tender Offer. |
The Tender Offer was made pursuant to the terms and conditions contained in the Offer to Purchase and the related Notice of Guaranteed Delivery for the Tender Offer, dated May 19, 2026.
Subject to satisfaction of the conditions to the Tender Offer, including completion of the previously announced public offering of senior notes (the "Concurrent Notes Offering") which is expected to occur on May 28, 2026, the Corporation expects to accept for payment all Notes validly tendered pursuant to the Tender Offer and not validly withdrawn on May 29, 2026 (the "Settlement Date"). All payments for Notes purchased by the Corporation in connection with the Tender Offer will also include accrued and unpaid interest on the principal amount of Notes accepted for purchase from the last interest payment date applicable to the Notes up to, but not including, the Settlement Date.
BofA Securities is the Lead Dealer Manager for the Tender Offer. Global Bondholder Services Corporation is the Tender and Information Agent. Persons with questions regarding the Tender Offer should contact BofA Securities at (888) 292-0070 (toll-free) or (980) 388-0539 (collect) or debt_advisory@bofa.com. Questions regarding the tendering of Notes and requests for copies of the Offer to Purchase and related materials should be directed to Global Bondholder Services Corporation at (212) 430-3774 (for banks and brokers) or (855) 654-2015 (all others, toll-free) or email contact@gbsc-usa.com. Copies of the Offer to Purchase are also available at the following web address: https://gbsc-usa.com/kennametal/.
This news release is neither an offer to purchase nor a solicitation of an offer to sell the Notes. The Tender Offer was made only by the Offer to Purchase and Notice of Guaranteed Delivery and the information in this news release is qualified by reference to the Offer to Purchase dated May 19, 2026. None of the Company, the Company's Board of Directors, the Lead Dealer Manager, the Tender and Information Agent or the trustees with respect to any Notes is making any recommendation as to whether Holders should tender any Notes in response to the Tender Offer, and neither the Company nor any such other person has authorized any person to make any such recommendation. Holders must make their own decision as to whether to tender any of their Notes, and, if so, the principal amount of Notes to tender.
About Kennametal
With over 85 years as an industrial technology leader, Kennametal Inc. delivers productivity to customers through materials science, tooling and wear-resistant solutions. Customers across aerospace and defense, earthworks, energy, general engineering and transportation turn to Kennametal to help them manufacture with precision and efficiency. Every day approximately 8,100 employees are helping customers in nearly 100 countries stay competitive. Kennametal generated
Kennametal Inc. was founded based on a tungsten carbide technology breakthrough in 1938 and was incorporated in
The Company's core expertise includes the development and application of tungsten carbides, ceramics, super-hard materials and solutions used in metal cutting and extreme wear applications to keep customers up and running longer against conditions such as corrosion and high temperatures. We bring together material science, technical expertise, innovation and customer service in a way that allows us to anticipate customers' needs and help them overcome problems and achieve their manufacturing objectives.
Our standard and custom product offering spans metal cutting and wear applications including turning, milling, hole making, tooling systems and services, as well as specialized wear components and metallurgical powders. End users of the Company's metal cutting products include manufacturers engaged in a diverse array of industries including: transportation vehicles and components, machine tools and light and heavy machinery; airframe and aerospace components; and energy-related components for the oil and gas industry, as well as power generation. The Company's wear and metallurgical powders are used by producers and suppliers in equipment-intensive operations such as road construction, mining, quarrying, oil and gas exploration, refining, production and supply, and for aerospace and defense.
Our principal executive offices are located at 525 William Penn Place Suite 3300,
Cautionary Statement Regarding Forward-Looking Statements
The following is a "safe harbor" statement under the Private Securities Litigation Reform Act of 1995: The statements in this press release relating to matters that are not historical facts, including those regarding the Tender Offer and the timing and outcome thereof, are "forward-looking statements" that involve certain risks and uncertainties that could cause actual outcomes and results to materially differ from what is expressed, implied or forecast in such statements. Any differences could be caused by a number of factors, including, but not limited to, general market conditions and other financial, operational and legal risks and uncertainties detailed from time to time in the Company's SEC filings. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. The forward-looking statements speak only as of the date made and, other than as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Kennametal Inc.