S&P rates EnPro notes BB

S&P said it assigned its BB issue-level rating and 3 recovery rating to EnPro Industries Inc.'s proposed $350 million senior unsecured notes due 2026. The 3 recovery rating indicates an expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default.

S&P said it believes the company will use the proceeds from this offering, together with borrowings from its senior secured revolving credit facility (unrated), to fund the redemption of its $450 million 5 7/8% senior unsecured notes due 2022 and pay related fees and expenses.

“In our view, the transaction will not have a material effect on the company's debt leverage,” S&P said in a news release.

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