Enpro sets price for $450 million senior notes offering

Published 14/05/2025, 21:28
Enpro sets price for $450 million senior notes offering

CHARLOTTE, N.C. - Enpro Inc. (NYSE: NPO), a manufacturing company with a market capitalization of $3.83 billion, has priced an offering of senior notes due in 2033 at $450 million with an annual interest rate of 6.125%, according to a statement released today. The senior notes were offered at face value and are expected to close on May 29, 2025.

The company clarified that the offering is directed towards qualified institutional buyers in the U.S. and non-U.S. persons outside the country, in compliance with Rule 144A and Regulation S under the Securities Act of 1933.

Enpro plans to use the net proceeds from this debt issuance to redeem its outstanding 5.75% senior notes due in 2026, which the company had previously announced it would conditionally redeem. Additionally, the funds will repay part of the borrowings under its senior secured revolving credit facility that were used for the repayment of all outstanding term loans on April 9, 2025, and cover the fees and expenses related to the offering.

The company has provided a formal notice of redemption in line with the indenture terms governing the outstanding notes. It is important to note that the senior notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.

Investors should be aware that this press release contains forward-looking statements, and actual results could differ materially from those projected. Enpro has identified various risk factors that could affect the final outcome, including market conditions and the state of the high-yield debt market, in its filings with the Securities and Exchange Commission.

The information in this article is based on a press release statement issued by Enpro Inc. and does not constitute an offer to sell or a solicitation to buy the senior notes.

In other recent news, Enpro Industries reported a strong performance for the first quarter of 2025, surpassing earnings expectations. The company achieved an earnings per share of $1.90, exceeding the forecasted $1.73, while revenue reached $273.2 million, surpassing the anticipated $261.9 million. Enpro Industries also announced plans for a $450 million senior notes offering, aimed at redeeming its 5.75% senior notes due in 2026 and repaying part of the borrowings under its senior secured revolving credit facility. The completion of this offering is subject to market conditions and other factors beyond Enpro’s control. The company maintains its full-year 2025 guidance, projecting sales growth in the low to mid-single digits. Enpro Industries’ financial flexibility was further enhanced with an amended credit agreement, providing a revolving credit facility of up to $800 million, maturing in 2030. The company continues to invest in organic growth opportunities and evaluate acquisition possibilities, aligning with its strategic and financial criteria.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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