By Paul A. Harris
Portland, Ore., March 21 – EnPro Industries, Inc. priced a $150 million add-on to its 5 7/8% senior notes due Sept. 15, 2022 (B1/BB-) at 101, rendering a 5.554% yield to worst and 5.66% yield to maturity, according to market sources.
The reoffer price came on top of price talk in the 101 area.
BofA Merrill Lynch, HSBC Securities (USA) Inc. and Wells Fargo Securities LLC were the joint bookrunners.
The Charlotte, N.C.-based manufacturer of engineered products plans to use the proceeds to repay debt under its senior secured revolving credit facility and for general corporate purposes.
| Issuer: | EnPro Industries, Inc.
|
| Face amount: | $150 million
|
| Proceeds: | $151.5 million
|
| Maturity: | Sept. 15, 2022
|
| Security description: | Add-on to 5 7/8% senior notes due Sept. 15, 2022
|
| Bookrunners: | BofA Merrill Lynch, HSBC Securities (USA) Inc., Wells Fargo Securities LLC
|
| Coupon: | 5 7/8%
|
| Price: | 101
|
| Yield to maturity: | 5.66%
|
| Yield to worst: | 5.554%
|
| Trade date: | March 21
|
| Settlement date: | March 24 with accrued interest
|
| Ratings: | Moody's: B1
|
| S&P: BB-
|
| Distribution: | Rule 144A with registration rights and Regulation S
|
| Price talk: | 101 area
|
| Original issue: | $300 million priced at 99.215 to yield 6% in September 2014
|
| Fungibility: | Add-on notes will become fungible with the original notes
|
| Total issue size: | $450 million
|
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