Timken borrows $350 million under revolving facility due 2024

By Wendy Van Sickle

Columbus, Ohio, April 3 – Timken Co. drew $350 million on its $650 million unsecured revolving credit facility on Friday, according to an 8-K filing with the Securities and Exchange Commission.

The company said it increased its borrowings under the credit facility as a precautionary measure to increase its cash position and enhance its financial flexibility during this period of uncertainty in the global markets resulting from the ongoing coronavirus pandemic.

The draw-down proceeds are currently being held on the company’s balance sheet and may be used for general corporate purposes.

Bank of America, NA and KeyBank NA are co-administrative agents for the revolver, which matures on June 25, 2024.

Timken is a Canton, Ohio-based mechanical components engineering, manufacturer and marketing company.

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