Hardmetal specialist Kennametal Inc has signed a US$600 million five-year credit agreement.

 This amends and restates Kennametal's prior loan agreement and contains enhanced covenant adjustments relative to the company's amended 2010 agreement.

‘We are very pleased with our banking partners' confidence in and support of Kennametal,’ said Kennametal president and cEO Ron DeFeo. ‘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.’

The company 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.

This story is adapted from material from Kennametal, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.