Kennametal Inc. Announces Final Results and Expiration of Cash Tender Offer for Debt Securities

Kennametal (NYSE: KMT) announced final results and expiration of its cash tender offer for its 4.625% Senior Notes due 2028.

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

Argus May 27 session

-5.90% close to close Open Argus

Details

News Market Reaction – KMT

On May 27, the day this news came out, KMT closed 5.90% below the previous close.

Data tracked by StockTitan Argus for the May 27 session.

Key Figures

Coupon rate: 4.625% Notes outstanding pre-offer: $300,000,000 Notes tendered: $209,384,000 +5 more

Coupon rate

4.625%

Senior Notes due 2028 referenced in tender offer

Notes outstanding pre-offer

$300,000,000

Aggregate principal amount outstanding prior to tender offer

Notes tendered

$209,384,000

Aggregate principal amount validly tendered and not withdrawn

Maturity year

2028

4.625% Senior Notes due 2028 subject to tender

Offer to Purchase date

May 19, 2026

Date of Offer to Purchase and Notice of Guaranteed Delivery

Expected concurrent notes offering date

May 28, 2026

Completion of previously announced public offering of senior notes

Settlement Date

May 29, 2026

Expected settlement for notes accepted in tender offer

Share price vs 52-week range

$36.94 (high $43.81 / low $17.62)

Price before news, relative to 52-week high and low

Historical Context

5 past events · Latest: May 26

5 events

1. May 26

   Tender offer pricing

   24h Move

   +2.4%

   Set pricing terms for cash tender of 4.625% notes due 2028.

2. May 19

   Notes offering & tender

   24h Move

   -1.0%

   Announced senior notes offering and concurrent tender for 2028 notes.

3. May 18

   Conference attendance

   24h Move

   +0.8%

   Disclosed participation in KeyBanc industrials and materials conference.

4. May 06

   Earnings beat & guidance

   24h Move

   +15.4%

   Reported strong Q3 results and raised full-year sales and EPS outlook.

5. Apr 15

   Earnings call notice

   24h Move

   -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.

Key Terms

cash tender offer, senior notes, CUSIP, accrued and unpaid interest, +3 more

7 terms

cash tender offer financial

"announced the final results and expiration of its previously announced cash tender offer"

A cash tender offer is a public proposal in which an individual or group offers to buy a set number of a company's shares directly from shareholders for a specified cash price during a limited time. It matters to investors because it gives a clear, immediate chance to sell shares at a known price — like a store offering to buy back items at a posted rate — and can affect the stock’s market price, ownership control and liquidity.

senior notes financial

"4.625% Senior Notes due 2028"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

CUSIP financial

"Title of Security | CUSIP (1) | Aggregate Principal Amount Outstanding"

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

View in glossary

accrued and unpaid interest financial

"will also include accrued and unpaid interest on the principal amount of Notes"

Accrued and unpaid interest is the interest that has built up on a loan or debt but hasn't been paid yet. It's like owing your friend money for a favor over time—you're expected to pay it later, even though you haven't paid it yet. This matters because it shows how much you owe beyond the original amount borrowed.

notice of guaranteed delivery regulatory

"the Offer to Purchase and the related Notice of Guaranteed Delivery for the Tender Offer"

A notice of guaranteed delivery is a short, written promise used when investors want to sell shares in a tender offer but cannot deliver the physical or electronic share certificates by the offer deadline. It acts like a post-dated IOU: the seller guarantees they will provide the required documents within a short, specified window while still qualifying for the offer’s price and terms. For investors this preserves their right to participate in a deal while giving extra time to complete paperwork, but it also creates a reliance on timely follow-through to receive payment.

dealer manager financial

"BofA Securities is the Lead Dealer Manager for the Tender Offer."

A dealer manager is a financial firm — often a broker-dealer or investment bank — that organizes, markets and coordinates the sale of a new securities offering (such as bonds or structured products) to other brokers and investors. Think of it as the project manager and sales team for the deal: its pricing choices, marketing reach and allocation decisions influence how widely the issue is distributed, how competitively it is priced, and how easy it is for investors to buy or sell afterward.

tender and information agent financial

"Global Bondholder Services Corporation is the Tender and Information Agent."

A tender and information agent is an independent third party that runs and communicates a formal offer for shareholders to sell or exchange their securities, handling paperwork, collecting acceptances, and answering investor questions. Think of it as the event organizer and help desk for a buyout or exchange offer: it ensures the process runs smoothly, keeps records, and provides reliable, timely information—critical for investors deciding whether to accept an offer.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

PITTSBURGH, May 27, 2026 /PRNewswire/ -- Kennametal Inc. (NYSE: KMT) (the "Company") today announced the final results and expiration of its previously announced cash tender offer (the "Tender Offer") to purchase any and all of the outstanding notes listed in the table below (the "Notes"). Capitalized terms used in this news release and not defined herein have the meanings given to them in the Offer to Purchase, dated May 19, 2026 (the "Offer to Purchase").

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 Amount Outstanding Prior to Tender Offer	Aggregate Principal Amount Tendered(2)
4.625% Senior Notes due 2028	489170AE0	$300,000,000	$209,384,000

________________________

(1) No representation is made as to the correctness or accuracy of the CUSIP numbers listed in this news release or printed on the Notes. They are provided solely for the convenience of Holders of the Notes.

(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 $2 billion in revenues in fiscal 2025. Learn more at www.kennametal.com. Follow @Kennametal: Instagram, Facebook, LinkedIn and YouTube.

Kennametal Inc. was founded based on a tungsten carbide technology breakthrough in 1938 and was incorporated in Pennsylvania in 1943 as a manufacturer of tungsten carbide metal cutting tooling. In 1967, it was listed on the New York Stock Exchange (NYSE).

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, Pittsburgh, Pennsylvania 15219, and our telephone number is (412) 248-8000.

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.

View original content:https://www.prnewswire.com/news-releases/kennametal-inc-announces-final-results-and-expiration-of-cash-tender-offer-for-debt-securities-302782599.html

SOURCE Kennametal Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Kennametal (KMT) announce about its cash tender offer on May 27, 2026?

Kennametal announced the final results and expiration of its cash tender offer for its 4.625% Senior Notes due 2028. According to Kennametal, $209,384,000 of the $300,000,000 outstanding principal amount was validly tendered and not validly withdrawn by the expiration time.

How much of Kennametal’s 4.625% Senior Notes due 2028 was tendered in the KMT offer?

Investors tendered $209,384,000 of Kennametal’s 4.625% Senior Notes due 2028. According to Kennametal, this amount was validly tendered and not validly withdrawn out of a total $300,000,000 aggregate principal amount outstanding before the tender offer.

When is the expected settlement date for Kennametal’s (KMT) 2026 debt tender offer?

Kennametal expects to settle the tender offer on May 29, 2026. According to Kennametal, settlement is subject to conditions, including completion of a concurrent senior notes offering expected on May 28, 2026, and will include accrued and unpaid interest.

Will Kennametal (KMT) pay accrued interest on notes purchased in the tender offer?

Yes, Kennametal plans to pay accrued and unpaid interest on purchased notes. According to Kennametal, interest will be paid from the last interest payment date up to, but not including, the May 29, 2026 expected settlement date for all notes accepted.

What conditions affect the completion of Kennametal’s 2026 cash tender offer for KMT notes?

Completion of the tender offer is subject to specified conditions. According to Kennametal, these include successful completion of a previously announced concurrent public offering of senior notes, expected on May 28, 2026, before accepting and paying for all validly tendered notes.

Which Kennametal (KMT) debt securities are included in the 2026 cash tender offer?

The offer covers Kennametal’s 4.625% Senior Notes due 2028. According to Kennametal, these notes had $300,000,000 aggregate principal amount outstanding before the tender offer, of which $209,384,000 was validly tendered by the expiration time.