The Timken Company (NYSE: TKR), recently announced that it has priced a public offering of $400 million of 4.500% Senior Notes due 2028 (the “Notes”) in an underwritten public offering. The offering is expected to close on or about September 6, 2018, subject to the satisfaction of customary closing conditions.
The Company intends to use the net proceeds from the sale of the Notes, along with cash on hand and other long-term debt, to finance the recently announced acquisitions of Cone Drive and Rollon Group. If one or both of these acquisitions are not completed, the Company intends to use any remaining proceeds for general corporate purposes.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC and KeyBanc Capital Markets Inc. are serving as joint book-running managers for the offering.
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 filed with the SEC. Full details of the offering, including a description of the notes and certain risk factors related to the notes, are contained in the preliminary prospectus supplement. You may obtain copies of each of these documents without charge from the SEC at www.sec.gov.
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.
Timken
www.timken.com
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