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4-Traders Homepage  >  Equities  >  Nyse  >  EnPro Industries, Inc.    NPO

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EnPro Industries, Inc. : Conversion Right Triggered on EnPro's Convertible Senior Debentures

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03/29/2013 | 02:05pm CET

EnPro Industries, Inc. (NYSE: NPO) today announced that commencing April 1, 2013, the company's $172,500,000 aggregate principal amount of 3.9375% Convertible Senior Debentures due 2015 will be convertible by holders of the Debentures. This conversion right has been triggered because the closing price per share of EnPro's common stock has exceeded $43.93, or 130% of the initial conversion price of $33.79, for at least 20 of 30 consecutive trading days during the period ending on March 31, 2013. The Debentures will continue to be convertible until June 30, 2013, and may be convertible thereafter, if one or more of the conversion conditions 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), is satisfied during future measurement periods.

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.

At the time of the sale of the Debentures, a portion of the net proceeds was used to enter into call options (hedge and warrant transactions) which entitle the company to purchase shares of its common stock from a financial institution at $33.79 per share and entitle the financial institution to purchase shares from the company at $46.78 per share. These transactions reduce potential dilution to holders of the company's common stock from conversion of the Debentures by increasing the effective conversion price to $46.78 a share.

U.S. Bank National Association is the trustee for the holders of the Debentures and the conversion agent under the Indenture. All questions relating to the mechanics of the conversion for the Debentures should be directed to U.S. Bank National Association, Attn: Jacob Schmitz, Specialized Finance, 60 Livingston Avenue, St. Paul, Minnesota 55107; telephone (651)-466-6774.

This press release is only a summary of certain provisions of the Debentures and the Indenture. A complete explanation of the conversion rights of holders of the Debentures, as well as the procedures required to convert the Debentures, is set forth in the Indenture. All holders are urged to review the conversion provisions contained in the Indenture in its entirety.

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, Inc.
Don Washington, 704-731-1527
Director, Investor Relations and
Corporate Communications
don.washington@enproindustries.com


© Business Wire 2013
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Financials ($)
Sales 2017 1 291 M
EBIT 2017 91,7 M
Net income 2017 27,7 M
Debt 2017 -
Yield 2017 -
P/E ratio 2017 40,84
P/E ratio 2018 40,45
Capi. / Sales 2017 1,05x
Capi. / Sales 2018 1,00x
Capitalization 1 356 M
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Mean consensus OUTPERFORM
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Average target price 90,0 $
Spread / Average Target 42%
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