Kennametal to offer 6.5M common shares
LATROBE, Pa. - Kennametal Inc. said Wednesday it plans to offer 6.5 million common shares and use the proceeds to pay down bank debt.
Kennametal, which makes metal-cutting tools and highway construction equipment, said underwriters will be granted an option to offer 975,000 more common shares over 30 days if there's additional demand.
Joint book-runners for the offering are J.P. Morgan and Merrill Lynch & Co.
Shares of Kennametal dropped $1.52, or 8.86 percent, to $15.63 early this afternoon. Shares have traded in the range of $12.82 to $38.75 in the last 52 weeks.
