<SEC-DOCUMENT>0001193125-18-183471.txt : 20180604
<SEC-HEADER>0001193125-18-183471.hdr.sgml : 20180604
<ACCEPTANCE-DATETIME>20180604171058
ACCESSION NUMBER:		0001193125-18-183471
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20180604
DATE AS OF CHANGE:		20180604

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KENNAMETAL INC
		CENTRAL INDEX KEY:			0000055242
		STANDARD INDUSTRIAL CLASSIFICATION:	MACHINE TOOLS, METAL CUTTING TYPES [3541]
		IRS NUMBER:				250900168
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-219971
		FILM NUMBER:		18879008

	BUSINESS ADDRESS:	
		STREET 1:		600 GRANT STREET
		STREET 2:		SUITE 5100
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15219
		BUSINESS PHONE:		4122488000

	MAIL ADDRESS:	
		STREET 1:		600 GRANT STREET
		STREET 2:		SUITE 5100
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15219

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KENNAMETAL INC
		CENTRAL INDEX KEY:			0000055242
		STANDARD INDUSTRIAL CLASSIFICATION:	MACHINE TOOLS, METAL CUTTING TYPES [3541]
		IRS NUMBER:				250900168
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		600 GRANT STREET
		STREET 2:		SUITE 5100
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15219
		BUSINESS PHONE:		4122488000

	MAIL ADDRESS:	
		STREET 1:		600 GRANT STREET
		STREET 2:		SUITE 5100
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15219
</SEC-HEADER>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed Pursuant to Rule 433 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration No.&nbsp;333-219971 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>June 4, 2018 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Pricing Term
Sheet </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Kennametal Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">$300,000,000 4.625% Senior Notes due 2028 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Issuer:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Kennametal Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Format:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">SEC Registered</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Principal Amount</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">$300,000,000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Security Type:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Senior Notes</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Maturity Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">June&nbsp;15, 2028</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Coupon:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">4.625%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Price to Public:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">99.271%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Yield to Maturity:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">4.717%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Benchmark Treasury:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">2.875% U.S. Treasury due May&nbsp;15, 2028</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Spread to Benchmark Treasury:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">T+178 bps</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Benchmark Treasury Price and Yield:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">99-15;</FONT> 2.937%</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Net Proceeds to Issuer (after deducting underwriting discounts/commissions but before estimated offering expenses):</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$295,863,000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Use of Proceeds:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Repayment or redemption of outstanding 2.650% Senior Notes due 2019 and for general corporate purposes.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Interest Payment Dates:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">June&nbsp;15 and December&nbsp;15, beginning on December&nbsp;15, 2018</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Optional Redemption:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The notes will be redeemable at the Issuer&#146;s option at any time, in whole or in part. If the notes are redeemed before the date that is three months prior to maturity, the redemption price will equal the greater of par or the
make-whole (Treasury Rate plus 30 bps), in each case plus accrued and unpaid interest to the redemption date.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">If the notes are redeemed on or after the date that is three months prior to maturity, the redemption price will equal par, plus accrued and unpaid interest to the redemption date.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Trade Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">June&nbsp;4, 2018</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Settlement Date*:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">June&nbsp;7, 2018</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Day Count Convention:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">30/360</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Denominations:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">$2,000 x $1,000</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">CUSIP/ISIN:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">489170AE0</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">US489170AE03</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Expected Ratings**:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Baa3 (Stable) Moody&#146;s Investors Service, Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">BBB-</FONT> (Stable) Standard&nbsp;&amp; Poor&#146;s Ratings Services</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">BBB (Stable) Fitch Ratings Ltd.</TD></TR>
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<TD VALIGN="top">Joint Bookrunners:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">J.P. Morgan Securities LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:5.00em; font-size:10pt; font-family:Times New Roman">&nbsp;Incorporated</P></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Passive Joint Bookrunner:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">PNC Capital Markets LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Senior <FONT STYLE="white-space:nowrap">Co-Managers:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Citizens Capital Markets, Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Mizuho Securities USA LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">MUFG Securities Americas Inc.</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="white-space:nowrap">Co-Managers:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Commerz Markets LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">U.S. Bancorp Investments, Inc.</TD></TR>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>*</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Note:</B> It is expected that delivery of the notes will be made to investors on or about June&nbsp;7, 2018, which will be the third business day following the date hereof (such settlement cycle being referred to as
&#147;T+3&#148;). Under Rule <FONT STYLE="white-space:nowrap">15c6-1</FONT> under the Exchange Act, trades in the secondary market generally are required to settle in two business days unless the parties to any such trade expressly agree otherwise.
Accordingly, purchasers who wish to trade the notes on the date of pricing or on the next succeeding business day will be required, by virtue of the fact that the notes initially will settle in T+3, to specify an alternate settlement arrangement at
the time of any such trade to prevent a failed settlement. Purchasers of the notes who wish to trade the notes on the date of pricing or on the next succeeding business day should consult their own advisors. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>**</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Note</B>: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. Each of the security ratings above should be evaluated independently of
any other security rating. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The issuer has filed a registration statement (including a prospectus and preliminary prospectus supplement)
with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus and preliminary prospectus supplement and other documents the issuer has filed with the SEC and incorporated by reference in the
prospectus and preliminary prospectus supplement for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter
or any dealer participating in the offering will arrange to send you the prospectus and preliminary prospectus supplement if you request it by calling J.P. Morgan Securities LLC collect at (212) 834-4533 or Merrill Lynch, Pierce, Fenner&nbsp;&amp;
Smith Incorporated toll free at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-294-1322.</FONT></FONT></FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>This pricing term sheet supplements the preliminary form of prospectus supplement issued by Kennametal Inc. on June&nbsp;4, 2018 relating to its prospectus
dated August&nbsp;14, 2017. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Any disclaimer or other notice that may appear below is not applicable to this communication and should be
disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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