EnPro to pay down revolver with proceeds from new senior notes

By Marisa Wong

Madison, Wis., Sept. 8 – EnPro Industries, Inc. said it intends to repay recent borrowings under its senior secured revolving credit facility using proceeds from an offering of senior notes due 2022.

Borrowings were made under the revolver to fund the purchase of any and all of EnPro’s $74.78 million of 3.9375% convertible senior debentures due 2015. The cash tender offer for the convertibles began on Aug. 11 and expires at midnight at the end of Sept. 12.

Remaining proceeds from the notes offering will be used to repay all remaining borrowings and accrued interest under the revolver, the company noted in a press release.

EnPro Industries makes sealing products, metal polymer and filament wound bearings, components and service for reciprocating compressors, diesel and dual-fuel engines and other engineered products. The company is based in Charlotte, N.C.

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