NORTH CANTON, Ohio,
March 22, 2022 NORTH CANTON, Ohio, March 22, 2022 — The Timken Company (NYSE: TKR;
www.timken.com), a global industrial leader in engineered bearings
and power transmission products, today announced the pricing of
$350 million aggregate principal
amount of 4.125% senior unsecured notes due in 2032 (the "Notes")
in an underwritten public offering. The Notes will be issued at
98.373 percent of par, and the offering is expected to close on or
about March 28, 2022, subject to the
satisfaction of customary closing conditions.
BofA Securities, Inc., J.P. Morgan Securities LLC and Morgan
Stanley & Co. LLC are serving as joint book-running managers
for the offering.
Timken intends to use the net proceeds from the offering of the
Notes to repay borrowings outstanding under its senior unsecured
revolving credit facility and its accounts receivable facility.
Timken intends to use any remaining net proceeds from the offering
of the Notes 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
BofA Securities, Inc. toll free at 1-800-294-1322, J.P. Morgan
Securities LLC toll free at 1-866-803-9204, or Morgan Stanley &
Co. LLC toll free at 1-866-718-1649.
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.
About The Timken Company
The Timken Company (NYSE: TKR) designs a growing portfolio of
engineered bearings and power transmission products. With more than
a century of knowledge and innovation, we continuously improve the
reliability and efficiency of global machinery and equipment to
move the world forward. Timken posted $4.1
billion in sales in 2021 and employs more than 18,000 people
globally, operating from 42 countries. Timken is recognized among
America's Most Responsible Companies by Newsweek, the World's Most
Ethical Companies® by Ethisphere and America's Best Employers,
America's Best Employers for New Graduates and America's Best
Employers for Women by Forbes.
Safe Harbor
Certain statements in this release that are not historical in
nature are "forward-looking" statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Statements that
are not historical facts, including statements about the company's
beliefs, plans and expectations, are forward-looking statements.
Such statements are based on the company's current expectations and
are subject to a number of factors and uncertainties, which could
cause actual results to differ materially from those described in
the forward-looking statements. Forward-looking statements often
contain words such as "expect," "anticipate," "intend," "plan,"
"believe," "will," "estimate," "would," "target" and similar
expressions, as well as variations or negatives of these words. The
following important factors and uncertainties, among others, could
cause actual results to differ materially from those described in
these forward-looking statements: the risks and uncertainties
related to market conditions and satisfaction of customary closing
conditions related to the closing of the offering of the Notes and
the risks and uncertainties described in the Prospectus. For
additional information about other factors that could cause actual
results to differ materially from those described in the
forward-looking statements, please refer to the company's filings
with the SEC, including the company's Annual Report on Form 10-K
for the year ended December 31, 2021,
quarterly reports on Form 10-Q and current reports on Form 8-K.
Except as required by the federal securities laws, the company
undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Media Relations:
Scott
Schroeder 234.262.6420
scott.schroeder@timken.com
Investor Relations:
Neil
Frohnapple 234.262.2310
neil.frohnapple@timken.com
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SOURCE The Timken Company