Kennametal Inc. (NYSE: KMT) announced an underwritten public offering of senior notes and a concurrent cash tender offer to purchase all outstanding 4.625% senior notes due 2028, according to a company statement.

The tender offer targets $300 million in aggregate principal amount of the 2028 notes. The company will determine tender offer consideration using the par call date rather than the maturity date of the 2028 notes, following standard market practice.

The tender offer expires at 5:00 p.m. New York time on May 26, 2026, unless extended or terminated early. The company expects to settle accepted tenders on May 29, 2026. Holders must validly tender their notes before the expiration time to receive consideration.

Kennametal's obligation to purchase tendered notes depends on receiving sufficient gross proceeds from the concurrent notes offering. The company may waive conditions or extend the tender offer before expiration.

BofA Securities serves as lead dealer manager for the tender offer, while Global Bondholder Services Corporation acts as tender and information agent. For the notes offering, BofA Securities, BNP Paribas Securities Corp., and PNC Capital Markets LLC serve as joint book-running managers.

The company plans to use proceeds from the notes offering not used for the tender offer for general corporate purposes. The offering proceeds through an effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission.

Pittsburgh-based Kennametal manufactures materials science, tooling and wear-resistant solutions for customers in aerospace, defense, earthworks, energy, general engineering and transportation sectors. The company reported $2 billion in revenues in fiscal 2025 with approximately 8,100 employees serving customers in nearly 100 countries.