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EnPro Industries prices tender offer for 3.9375% convertibles due 2015
By Angela McDaniels
Tacoma, Wash., Sept. 10 – EnPro Industries, Inc. determined the purchase price for the tender offer for its $74.78 million outstanding principal amount of 3.9375% convertible senior debentures due 2015, according to a company news release.
The purchase price is $2,048.96 for each $1,000 principal amount of convertibles plus accrued interest up to but excluding the payment date.
The purchase price equals the sum of (i) the average volume-weighted average price, $67.4542, multiplied by 29.5972 (the current conversion ratio) plus (ii) a fixed cash amount of $52.50. The purchase price was subject to a floor of $1,650.75 and a cap of $2,301.89.
The average volume-weighted average price is defined as the average of the per-share volume-weighted average price of EnPro’s common stock on the New York Stock Exchange over the 20 consecutive trading days beginning Aug. 13.
The tender offer began Aug. 11 and will expire at midnight ET at the end of Sept. 12.
The tender offer is not subject to any minimum tender condition, but it is subject to conditions that include, among other things, the completion and effectiveness of an amendment and restatement to EnPro’s credit agreement governing its existing senior secured revolving credit facility, which is expected to provide for a $300 million five-year senior secured revolver. EnPro plans to use borrowings under the revolver to fund the tender offer.
The dealer manager is BofA Merrill Lynch (888 292-0070 or 980 388-3646). The information agent and tender agent is Global Bondholder Services Corp. (866 924-2200 or 212 430-3774).
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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