EnPro completes redemption of Tides

New York, Nov. 29 - EnPro Industries, Inc. said its Coltec subsidiary completed redemption of its 5.25% Tides securities due April 15, 2028.

Convertibles not already owned by Coltec were redeemed for $145 million in cash plus accrued interest.

"Redeeming the Tides securities improves our capital structure as we pursue the strategies which have helped us create increasing shareholder value since our inception as a public company in 2002," said Ernie Schaub, president and chief executive officer, in a news release.

"Because the Tides were convertible into shares of Goodrich Corp. common stock, they presented an element of risk and uncertainty to EnPro. We have now eliminated that risk and at the same time, retained the flexibility critical to our ability to grow and prosper in the future."

EnPro, a Charlotte, N.C., maker of sealing products, bearings, compressors and engines, priced $172.5 million of new 3.9375% convertible senior debentures due 2015 after the close on Oct. 20. Proceeds along with available cash were used to fund the Tides redemption.

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