Moody’s cuts EnPro notes

Moody’s Investors Service said it downgraded EnPro Industries, Inc.’s senior unsecured notes rating to B2 from B1, but affirmed the company’s Ba3 corporate family and probably of default ratings.

The ratings actions follow EnPro’s decision to acquire NxEdge for $850 million. On Friday, Prospect News reported the company obtained a lender commitment for a $265 million incremental term loan. It also has a commitment for a $135 million 364-day term loan facility.

“The downgrade of the unsecured notes rating reflects the addition of a significant amount of secured debt that will be added to the capital structure ahead of the unsecured notes,” Moody’s said in a press release.

The outlook is stable.

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