Kennametal Inc. KMT recently priced an offering of $300 million of its 2.80% senior notes due Mar 1, 2031. Subject to customary closing conditions, this offering is anticipated to close on Feb 23, 2021.As noted, the senior notes are available to the public at 99.939% of the principal amount. The interest rate of 2.80% will be paid semiannually on Mar 1 and Sep 1, starting from Sep 1, 2021.Kennametal estimates net proceeds of $297.9 million — after the deduction of underwriting discounts — from the issuance. It will use the funds for redeeming 3.875% senior notes, set to expire in 2022. Also, the proceeds will be utilized for meeting general corporate purposes. Ratings of the issuance are expected to be ‘Baa3 (Stable)’ by Moody's Investors Service, ‘BBB- (Negative)’ by Standard & Poor’s Ratings Services and ‘BBB (Negative)’ by Fitch Ratings Ltd.Though such debt issuances satisfy general corporate purposes, we believe that it makes a company more levered. Exiting second-quarter fiscal 2021 (ended Dec 31, 2020), Kennametal had long-term debt of approximately $593.8 million while its total debt/total capital ratio was 32.3%.Zacks Rank, Price Performance and Estimate RevisionsKennametal, with approximately $3.1 billion market capitalization, currently carries a Zacks Rank #4 (Sell). The company is wary about the impacts of end-market challenges due to the pandemic. It refrained from providing projections for fiscal 2021 (ending Jun 30, 2021). Also, temporary cost-control actions, depreciation and amortization, and restructuring charges are predicted to be headwinds in second-half fiscal 2021.The Zacks Consensus Estimate for Kennametal’s earnings is pegged at 73 cents for fiscal 2021, down 7.6% from the 30-day-ago figure.The company’s shares have gained 15% against 0.9% decline recorded by the industry in the past three months.Stocks to ConsiderSome better-ranked stocks from the Zacks Industrial Products sector are Altra Industrial Motion Corp. AIMC, Applied Industrial Technologies, Inc. AIT and Allegion plc ALLE, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Altra Industrial Motion delivered a positive earnings surprise of 50.07%, on average, in the trailing four quarters.Applied Industrial delivered a positive earnings surprise of 21.92%, on average, in the trailing four quarters.Allegion delivered a positive earnings surprise of 17.48%, on average, in the trailing four quarters.Just Released: Zacks’ 7 Best Stocks for TodayExperts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.9% per year.These 7 were selected because of their superior potential for immediate breakout.See these time-sensitive tickers now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Applied Industrial Technologies, Inc. (AIT): Free Stock Analysis Report Kennametal Inc. (KMT): Free Stock Analysis Report Altra Industrial Motion Corp. (AIMC): Free Stock Analysis Report Allegion PLC (ALLE): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research