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EnPro Industries holders exchange $29.5 million 3.9375% convertibles
By Susanna Moon
Chicago, March 4 - EnPro Industries said holders exchanged $29.5 million of its 3.9375% convertible senior debentures due 2015 for 889,815 shares plus a cash payment of accrued interest and for fractional shares.
The company completed an exchange of its 3.9375% convertibles with four holders of the debentures in privately negotiated transactions, according to a company press release.
The conversion value of the debentures in the exchange, based on an assumed conversion price per share of about $71.50, was about $62.4 million. The debentures were exchanged into shares of common stock at a slight premium to this implied conversion value, the company said.
As a result of the exchange, the savings in interest payments is about $1.9 million, the company noted.
EnPro is a Charlotte, N.C.-based company that designs and manufactures engineered industrial products.
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