ENP Newswire - 18 August 2014
Release date- 14082014 - NORTH CANTON, Ohio - The Timken Company (NYSE: TKR) today announced it is planning an offering of $300 million in aggregate principal amount of senior notes due 2024.
A portion of the net proceeds from this offering will be used to repay the $250 million aggregate principal amount outstanding at maturity on the company's 6 percent unsecured senior notes due September 2014. The remaining proceeds will be used for general corporate purposes.
The Notes offering will be made in a private transaction that is exempt from the registration requirements of the Securities Act of 1993 (the 'Securities Act'). Within the United States, the Notes will only be offered to investors who are 'qualified institutional buyers,' as defined in Rule 144A under the Securities Act. Outside the United States, the Notes will only be offered to investors who are persons other than 'U.S. persons,' as defined in Rule 902 under the Securities Act, in offshore transactions in reliance upon Regulation S under the Securities Act.
The Notes have not been registered under the Securities Act or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. Timken intends to enter into a registration rights agreement in connection with the Notes offering pursuant to which Timken will file a registration statement covering the exchange or the resale of the Notes.
About The Timken Company
The Timken Company (NYSE: TKR) engineers, manufactures and markets Timken bearings, transmissions, gearboxes, chain, and related products, and offers a spectrum of power system rebuild and repair services around the world. Timken has a global team of 17,000 people and posted $3 billion in sales in 2013 (excluding Steel business sales).