EnPro Industries Completes $300 Million Credit Facility
Resource from: EnPro Industries Likes:189
Aug 29,2014
CHARLOTTE, N.C.--(BUSINESS WIRE)--EnPro Industries, Inc. (NYSE: NPO) today announced that it has amended and restated its senior secured revolving credit facility to provide for a five-year, senior secured revolving credit facility of $300.0 million (the “Revolving Credit Facility”). Borrowing availability under the Revolving Credit Facility is not limited by reference to a borrowing base. Initially, borrowings under the Revolving Credit Facility bear interest at an annual rate of LIBOR plus 1.75% or base rate plus 0.75%, although the interest rates under the Revolving Credit Facility are subject to incremental increases based on a consolidated total leverage ratio. In addition, a commitment fee accrues with respect to the unused amount of the Revolving Credit Facility at an annual rate of 0.20%, which rate is also subject to incremental increases based on a consolidated total leverage ratio.
EnPro intends to use borrowings under the Revolving Credit Facility to fund the purchase of its 3.9375% Convertible Senior Debentures due 2015 (the “Convertible Debentures”) pursuant to its previously announced cash tender offer (the “Tender Offer”).
EnPro further announced that, as a result of the completion and effectiveness of the amendment and restatement of the Revolving Credit Facility, the Financing Condition (as such term is defined in EnPro’s Offer to Purchase dated August 11, 2014 (the “Offer to Purchase”) with respect to the Tender Offer) has been satisfied.
About EnPro Industries
EnPro Industries, Inc. is a leader in sealing products, metal polymer and filament wound bearings, components and service for reciprocating compressors, diesel and dual-fuel engines and other engineered products for use in critical applications by industries worldwide. For more information about EnPro, visit the company’s website at http://www.enproindustries.com.
(EnPro Industries)
【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
BRIEF INTRODUCTION
Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.
Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.
China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.
