Published on 10/2/2018 in the Prospect News High Yield Daily.
New Issue: EnPro prices $350 million eight-year notes at par to yield 5¾%
By Paul A. Harris
Portland, Ore., Oct. 2 – EnPro Industries, Inc. priced a $350 million issue of eight-year senior notes (B1/BB) at par to yield 5¾% on Tuesday, according to a syndicate source.
BofA Merrill Lynch was the left bookrunner. Wells Fargo Securities LLC, Fifth Third Securities and KeyBanc Capital Markets were the joint bookrunners.
The Charlotte, N.C.-based producer of highly engineered components plans to use the proceeds, together with a draw on its senior secured revolving credit facility, to redeem all of its outstanding 5 7/8% senior notes due 2022.
| Issuer: | EnPro Industries, Inc.
|
| Amount: | $350 million
|
| Maturity: | Oct. 15, 2026
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Merrill Lynch
|
| Joint bookrunners: | Wells Fargo Securities LLC, Fifth Third Securities, KeyBanc Capital Markets
|
| Co-managers: | HSBC Securities, PNC Capital Markets LLC, SunTrust Robinson Humphrey Inc.
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Call protection: | Three years
|
| Trade date: | Oct. 2
|
| Settlement date: | Oct. 17
|
| Ratings: | Moody's: B1
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| 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.
