Timken sells $250 million in 6 percent notes
Timken sells $250 million in 6 percent notes due 2014; offer set to close Monday
- On 11:13 am EDT, Thursday September 10, 2009
CANTON, Ohio (AP) -- Timken Co., which makes steel ball bearings and other friction control products, said Wednesday it sold $250 million of 6 percent senior unsecured notes due 2014.
The offering is expected to close Monday.
Proceeds will be used to repay the company's 5.75 percent notes, which are due Feb. 15, 2010.
J.P. Morgan, Deutsche Bank Securities Inc., Morgan Stanley and BofA Merrill Lynch are joint bookrunning managers for the offering.
In morning trading, Timken shares rose 41 cents to $22.23.
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