Timken Prices $350 Million Senior Notes Due in 2032
The Timken Company (NYSE: TKR) announced the pricing of $350 million of 4.125% senior unsecured notes due in 2032, priced at 98.373% of par. The offering is expected to close around March 28, 2022, subject to customary conditions. Proceeds from the notes will primarily be used to repay existing borrowings and for general corporate purposes. The notes are issued under an effective shelf registration statement with the SEC. In 2021, Timken reported $4.1 billion in sales, emphasizing its commitment to improving global machinery efficiency and reliability.
- Successful pricing of $350 million in senior unsecured notes at 4.125%, indicating investor confidence.
- Proceeds will be used to repay higher-interest debt, potentially lowering interest expenses.
- Issuing debt could increase overall financial leverage and interest obligations.
NORTH CANTON, Ohio, March 22, 2022 NORTH CANTON, Ohio, March 22, 2022 — The Timken Company (NYSE: TKR; www.timken.com), a global industrial leader in engineered bearings and power transmission products, today announced the pricing of
BofA Securities, Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are serving as joint book-running managers for the offering.
Timken intends to use the net proceeds from the offering of the Notes to repay borrowings outstanding under its senior unsecured revolving credit facility and its accounts receivable facility. Timken intends to use any remaining net proceeds from the offering of the Notes for general corporate purposes.
The Notes are being offered pursuant to an effective shelf registration statement that has previously been filed with the Securities and Exchange Commission (the "SEC"). The offering will be made solely by means of a prospectus supplement and accompanying prospectus (together, the "Prospectus") filed with the SEC. You may obtain these documents without charge from the SEC at www.sec.gov. Alternatively, you may request copies of these documents by calling BofA Securities, Inc. toll free at 1-800-294-1322, J.P. Morgan Securities LLC toll free at 1-866-803-9204, or Morgan Stanley & Co. LLC toll free at 1-866-718-1649.
This release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale is not permitted.
About The Timken Company
The Timken Company (NYSE: TKR) designs a growing portfolio of engineered bearings and power transmission products. With more than a century of knowledge and innovation, we continuously improve the reliability and efficiency of global machinery and equipment to move the world forward. Timken posted
Safe Harbor
Certain statements in this release that are not historical in nature are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the company's beliefs, plans and expectations, are forward-looking statements. Such statements are based on the company's current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking statements often contain words such as "expect," "anticipate," "intend," "plan," "believe," "will," "estimate," "would," "target" and similar expressions, as well as variations or negatives of these words. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: the risks and uncertainties related to market conditions and satisfaction of customary closing conditions related to the closing of the offering of the Notes and the risks and uncertainties described in the Prospectus. For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to the company's filings with the SEC, including the company's Annual Report on Form 10-K for the year ended December 31, 2021, quarterly reports on Form 10-Q and current reports on Form 8-K. Except as required by the federal securities laws, the company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Media Relations:
Scott Schroeder 234.262.6420
scott.schroeder@timken.com
Investor Relations:
Neil Frohnapple 234.262.2310
neil.frohnapple@timken.com
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SOURCE The Timken Company
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