Published on 10/2/2018 in the Prospect News High Yield Daily.
New Issue: EnPro prices $350 million eight-year notes at par to yield 5¾%
By Paul A. Harris
Portland, Ore., Oct. 2 – EnPro Industries, Inc. priced a $350 million issue of eight-year senior notes (B1/BB) at par to yield 5¾% on Tuesday, according to a syndicate source.
BofA Merrill Lynch was the left bookrunner. Wells Fargo Securities LLC, Fifth Third Securities and KeyBanc Capital Markets were the joint bookrunners.
The Charlotte, N.C.-based producer of highly engineered components plans to use the proceeds, together with a draw on its senior secured revolving credit facility, to redeem all of its outstanding 5 7/8% senior notes due 2022.
Issuer: | EnPro Industries, Inc.
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Amount: | $350 million
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Maturity: | Oct. 15, 2026
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Securities: | Senior notes
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Left bookrunner: | BofA Merrill Lynch
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Joint bookrunners: | Wells Fargo Securities LLC, Fifth Third Securities, KeyBanc Capital Markets
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Co-managers: | HSBC Securities, PNC Capital Markets LLC, SunTrust Robinson Humphrey Inc.
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Coupon: | 5¾%
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Price: | Par
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Yield: | 5¾%
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Call protection: | Three years
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Trade date: | Oct. 2
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Settlement date: | Oct. 17
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Ratings: | Moody's: B1
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| S&P: BB
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Distribution: | Rule 144A and Regulation S with registration rights
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Marketing: | Roadshow
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