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Timken Prices Public Offering of $400M in Senior Notes

Net proceeds of offering will be used to finance acquisitions of Cone Drive and Rollon Group.

The Timken Co. (NYSE: TKR), Canton, OH, has priced a public offering of $400 million of 4.5 percent Senior Notes due 2028 in an underwritten public offering. The offering is expected to close on or about September 6, 2018, subject to customary closing conditions.   

The Company  said it 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.

 

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