Conversion Rights on EnPro's Outstanding Convertible Senior Debentures Remain in Effect Through Maturity

Resource from: EnPro Industries Likes:158

Jun 18,2015

EnPro Industries, Inc. (NYSE: NPO) announced today that the Company's remaining $2.18 million aggregate principal amount of 3.9375% Convertible Senior Debentures due 2015 will continue to be convertible by holders of the Debentures through the maturity date of October 15, 2015. Conversion rights remain in effect through September 30, 2015 because the closing price per share of EnPro’s common stock has exceeded $43.65, or 130% of the dividend-adjusted conversion price of $33.58, for at least 20 of the 30 consecutive trading days ending on June 30, 2015. The Debentures effectively remain convertible through the October 2015 maturity as the terms of the Debentures state that they are convertible on or after September 15, 2015. These conversion conditions are specified in the Indenture, dated as of October 26, 2005, by and between EnPro Industries, Inc. and U.S. Bank National Association (as successor to Wachovia Bank, National Association). If conversion requests are received, the settlement of the Debentures will be paid pursuant to the terms of the Indenture, which calls for conversion into a combination of cash and common stock of the company. Upon conversion, the lesser of the $1,000 principal amount of each debenture and its conversion value would be settled in cash; to the extent the conversion value exceeds $1,000, the remaining amount due to the holders would be settled in shares of the company’s common stock.

(EnPro Industries)

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