Kennametal signed a $600 million five-year credit agreement which amends and restates Kennametal’s prior loan agreement. It contains enhanced covenant adjustments relative to the company’s amended 2010 agreement.

Bank of America was joint lead arranger and administrative agent for the transaction. PNC Bank and JPMorgan Chase Bank were also joint lead arrangers and co-syndication agents. The agent group was completed by Citizens Bank, The Bank of Tokyo-Mitsubishi UFJ and Mizuho Bank as co-documentation agents.

“We are very pleased with our banking partners’ confidence in and support of Kennametal. This five-year agreement meaningfully extends our debt maturity profile and provides the funding stability and liquidity that we believe is an important part of the Kennametal strategy,” said Kennametal President and CEO Ron DeFeo. Kennametal intends to use these funds for general corporate purposes and to refinance the company’s revolving credit facility that was scheduled to mature in April 2018.