By Paul A. Harris
Portland, Ore., Sept. 11 – EnPro Industries, Inc. priced a $300 million issue of 5 7/8% eight-year senior notes (B1/BB-/) at 99.215 to yield 6% on Thursday, according to a syndicate source.
The yield printed at the wide end of yield talk in the 5 7/8% area.
BofA Merrill Lynch, KeyBanc Capital Markets Inc. and Fifth Third Securities Inc. were the joint bookrunners.
The Charlotte, N.C.-based manufacturer of engineered products plans to use the proceeds to repay its revolver, including the $74.78 million drawn to fund the tender for its 3.9375% convertible senior debentures due 2015.
Issuer: | EnPro Industries, Inc.
|
Face amount: | $300 million
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Proceeds: | $298 million
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Maturity: | Sept. 15, 2022
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Securities: | Senior notes
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Bookrunners: | BofA Merrill Lynch, KeyBanc Capital Markets Inc., Fifth Third Securities Inc.
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Coupon: | 5 7/8%
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Price: | 99.215
|
Yield to worst: | 6%
|
Spread: | 368 bps
|
First call: | Sept. 15, 2017 at 104.406
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Trade date: | Sept. 11
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Settlement date: | Sept. 16
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Ratings: | Moody's: B1
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| Standard & Poor's: BB-
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Distribution: | Rule 144A and Regulation S with registration rights
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Price talk: | 5 7/8% area
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Marketing: | Roadshow
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