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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 .
| Product Model | Inside Diameter | Outside Diameter | Thickness |
| NATV15XLL/3AS NTN | 15 | 35 | 19 |
| NATV12XLL/3AS NTN | 12 | 32 | 15 |