Satisfies Financing Condition in Tender Offer for 3.9375% Convertible
Senior Debentures due 2015
CHARLOTTE, N.C.--(BUSINESS WIRE)--
EnPro Industries, Inc. (NYSE: NPO) today announced that it has amended
and restated its senior secured revolving credit facility to provide for
a five-year, senior secured revolving credit facility of $300.0 million
(the “Revolving Credit Facility”). Borrowing availability under the
Revolving Credit Facility is not limited by reference to a borrowing
base. Initially, borrowings under the Revolving Credit Facility bear
interest at an annual rate of LIBOR plus 1.75% or base rate plus 0.75%,
although the interest rates under the Revolving Credit Facility are
subject to incremental increases based on a consolidated total leverage
ratio. In addition, a commitment fee accrues with respect to the unused
amount of the Revolving Credit Facility at an annual rate of 0.20%,
which rate is also subject to incremental increases based on a
consolidated total leverage ratio.
EnPro intends to use borrowings under the Revolving Credit Facility to
fund the purchase of its 3.9375% Convertible Senior Debentures due 2015
(the “Convertible Debentures”) pursuant to its previously announced cash
tender offer (the “Tender Offer”).
EnPro further announced that, as a result of the completion and
effectiveness of the amendment and restatement of the Revolving Credit
Facility, the Financing Condition (as such term is defined in EnPro’s
Offer to Purchase dated August 11, 2014 (the “Offer to Purchase”) with
respect to the Tender Offer) has been satisfied.
This press release is for informational purposes only and is not an
offer to sell or purchase or the solicitation of an offer to sell or
purchase any securities discussed herein. The Tender Offer is being made
solely pursuant to the Offer to Purchase and the related letter of
transmittal, and other related materials that EnPro will distribute to
the holders of the Convertible Debentures after these documents are
filed with the Securities and Exchange Commission in amendments to
EnPro’s Schedule TO for the Tender Offer. The Tender Offer is not being
made in any jurisdiction in which the making or acceptance thereof would
not be in compliance with the securities, “blue sky” or other laws of
This press release contains forward-looking statements. Actual results
may differ materially from those reflected in the forward-looking
statements. Additional information concerning factors that could cause
actual results to differ materially from those in the forward-looking
statements is contained under the heading of “Risk Factors” listed from
time to time in EnPro’s filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the year ended
December 31, 2013 and its Quarterly Report on Form 10-Q for the period
ended June 30, 2014.
About EnPro Industries
EnPro Industries, Inc. is a leader in sealing products, metal polymer
and filament wound bearings, components and service for reciprocating
compressors, diesel and dual-fuel engines and other engineered products
for use in critical applications by industries worldwide. For more
information about EnPro, visit the company’s website at http://www.enproindustries.com.
EnPro Industries, Inc.
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Source: EnPro Industries, Inc.