NORTH CANTON, Ohio – The Timken Co. today announced pricing of $350 million aggregate principal amount of 3.875 percent senior notes due 2024. The notes will be issued at 98.901 percent of par and the offering is expected to close on Aug. 20, 2014, subject to customary closing conditions.
The notes offering is being made in a private transaction that is exempt from the registration requirements of the Securities Act of 1993 (the "Securities Act"). 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.
