EnPro Industries to repay senior secured revolver via new note add-on

By Tali Rackner

Norfolk, Va., March 20 – EnPro Industries, Inc. plans to repay outstanding borrowings under its senior secured revolving credit facility using the net proceeds from a new senior note offering, according to a press release.

The company announced a $150 million add-on to its 5 7/8% senior notes due 2022 on Monday. The additional notes will be treated as a single series with the outstanding $300 million 5 7/8% senior notes issued on Sept. 16, 2014.

The revolver paydown is intended to increase availability to fund future capital requirements, including potential contributions to a trust to be established pursuant to a joint plan of reorganization filed in asbestos bankruptcy proceedings of certain subsidiaries, if such joint plan is approved and consummated, the release said.

Proceeds will also be used for other general corporate purposes.

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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