By Paul A. Harris
Portland, Ore., Sept. 11 – EnPro Industries, Inc. priced a $300 million issue of 5 7/8% eight-year senior notes (B1/BB-/) at 99.215 to yield 6% on Thursday, according to a syndicate source.
The yield printed at the wide end of yield talk in the 5 7/8% area.
BofA Merrill Lynch, KeyBanc Capital Markets Inc. and Fifth Third Securities Inc. were the joint bookrunners.
The Charlotte, N.C.-based manufacturer of engineered products plans to use the proceeds to repay its revolver, including the $74.78 million drawn to fund the tender for its 3.9375% convertible senior debentures due 2015.
| Issuer: | EnPro Industries, Inc.
|
| Face amount: | $300 million
|
| Proceeds: | $298 million
|
| Maturity: | Sept. 15, 2022
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, KeyBanc Capital Markets Inc., Fifth Third Securities Inc.
|
| Coupon: | 5 7/8%
|
| Price: | 99.215
|
| Yield to worst: | 6%
|
| Spread: | 368 bps
|
| First call: | Sept. 15, 2017 at 104.406
|
| Trade date: | Sept. 11
|
| Settlement date: | Sept. 16
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 5 7/8% area
|
| Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
