The Timken Company (NYSE: TKR), a global technology leader in engineered bearings and industrial motion, today announced the pricing of €600 million aggregate principal amount of 4.125% senior unsecured notes due in 2034 (the "Notes") in an underwritten public offering. The Notes will be issued at 98.832% of par, and the offering is expected to close on or about May 23, 2024, subject to the satisfaction of customary closing conditions.
Goldman Sachs & Co. LLC and J.P. Morgan Securities plc are serving as joint book-running managers for the offering.
Timken intends to use the net proceeds from the offering of the Notes to (1) redeem all of its outstanding 3.875% Senior Notes due 2024 (the "2024 Notes"), including any related fees and expenses, and (2) repay borrowings outstanding under its senior unsecured revolving credit facility. Timken intends to use any remaining net proceeds to repay borrowings under its accounts receivable facility or for general corporate purposes.
The Notes are being offered pursuant to an effective shelf registration statement that has previously been filed with the Securities and Exchange Commission (the "SEC"). The offering will be made solely by means of a prospectus supplement and accompanying prospectus (together, the "Prospectus") filed with the SEC. You may obtain these documents without charge from the SEC at www.sec.gov. Alternatively, you may request copies of these documents by calling Goldman Sachs & Co. LLC toll free at +1-866-471-2526 or J.P. Morgan Securities plc toll free at +44-20 7134-2468 (non-U.S. investors), or J.P. Morgan Securities LLC collect at +1-212-834-4533 (U.S. investors).
This release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale is not permitted.
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