Kennametal (KMT) launched a public offering of senior notes and commenced a concurrent cash tender offer for its outstanding 4.625% senior notes due 2028, the company said Tuesday.

The 2028 notes have an aggregate $300 million of principal amount outstanding and the tender offer consideration will be determined using a fixed spread of 30 basis points over the 3.875% US Treasury due March 15, 2028, the company said.

Kennametal said it expects to fund the tender offer with proceeds from the concurrent notes offering.

The tender offer will expire on May 26, it said.

Shares of Kennametal were down more than 1% in early Tuesday trading.

Price: 34.11, Change: -0.81, Percent Change: -2.32