Enerpac to redeem $287.56 million 5 5/8% notes due 2022 on June 15

By Wendy Van Sickle

Columbus, Ohio, May 14 – Enerpac Tool Group Corp. called all $287,559,000 of its outstanding 5 5/8% senior notes due 2022 (Cusip: 00508XAF1) for redemption on June 15, according to a news release.

The notes will be redeemed at par plus accrued interest using proceeds of the company’s previously undrawn $400 million revolving credit facility, which currently carries an interest rate of Libor plus 137.5 basis points for drawn amounts.

The redemption is expected to reduce annual interest expense by as much as $10 million.

The industrial tools and services company is based in Milwaukee.

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