TIMKEN CO (TKR): debt financing — Timken enters into $1.15B credit facilities, refinances $312.8M term loan

TIMKEN CO

$400M unsecured term loan and $750M unsecured revolving credit facility, both maturing Dec 5, 2027.
Proceeds used to repay $312.8M outstanding principal under prior term loan due 2023 and for general corporate purposes.
Interest rates tied to debt rating grid; initial pricing at BBB/Baa2 level (Level 3).
Credit agreement is unsecured and amends/restates prior 2019 revolving credit agreement.
Covenants include maintaining consolidated leverage and interest coverage ratios per agreed limits.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

TIMKEN CO incurred term loan of $400 million with Bank of America, N.A. and KeyBank National Association, as Co-Administrative Agents maturing December 5, 2027.

Instrument: term loan
Principal: $400 million
Counterparty: Bank of America, N.A. and KeyBank National Association, as Co-Administrative Agents
Maturity: December 5, 2027
Event: incurrence

Exact text from the filing

The Credit Agreement provides for a $400 million unsecured term loan facility and a $750 million unsecured revolving credit facility.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

TIMKEN CO incurred revolving credit of $750 million with Bank of America, N.A. and KeyBank National Association, as Co-Administrative Agents maturing December 5, 2027.

Instrument: revolving credit
Principal: $750 million
Counterparty: Bank of America, N.A. and KeyBank National Association, as Co-Administrative Agents
Maturity: December 5, 2027
Event: incurrence

Exact text from the filing

The Credit Agreement provides for a $400 million unsecured term loan facility and a $750 million unsecured revolving credit facility.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TIMKEN CO amended Fifth Amended and Restated Credit Agreement with Bank of America, N.A. and KeyBank National Association, as Co-Administrative Agents, KeyBank National Association, as Paying Agent, L/C Issuer and Swing Line Lender, and the other lenders from time to time party thereto valued at $750 million (effective 2022-12-05).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A. and KeyBank National Association, as Co-Administrative Agents, KeyBank National Association, as Paying Agent, L/C Issuer and Swing Line Lender, and the other lenders from time to time party thereto
Value: $750 million
Effective: 2022-12-05

Exact text from the filing

On December 5, 2022, The Timken Company (the “ Company ”) entered into a Fifth Amended and Restated Credit Agreement (the “ Credit Agreement ”) with Bank of America, N.A. and KeyBank National Association, as Co-Administrative Agents, KeyBank National Association, as Paying Agent, L/C Issuer and Swing Line Lender, and the other lenders from time to time party thereto (collectively, the “ Lenders ”).

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TIMKEN CO filing history →

Source: SEC EDGAR

accession 0001193125-22-299501

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