Company: NPO
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001164863-25-000017
Chunk: 19

Company: Enpro Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 8
Chunk 19
---
 accrued with respect to the unused amount of the Revolving Credit Facility at an annual rate of 0.225%, which rate is also subject to incremental increase or decrease based on a consolidated total net leverage ratio.

The Term Loan A-2 Facility amortized on a quarterly basis in an annual amount equal to 2.5% of the original principal amount of the Term Loan A-2 Facility in each of years one through three, 5.0% of such original principal amount in year four and 1.25% of such original principal amount in each of the first three quarters of year five, with the remaining outstanding principal amount payable at maturity.

Borrowings under the Facilities were secured by a first-priority pledge of certain assets.  The Credit Agreement contained certain financial covenants and required financial ratios including a maximum consolidated total net leverage and a minimum consolidated interest coverage as defined in the Credit Agreement. We were in compliance with all covenants of the Credit Agreement as of March 31, 2025.

The borrowing availability under the Revolving Credit Facility at March 31, 2025 was $390.2 million after giving consideration to $9.8 million of outstanding letters of credit. The balance of borrowings outstanding under the Term Loan A-2 Facility at March 31, 2025 was $287.4 million. 

On April 9, 2025, we entered into a Second Amendment to Third Amended and Restated Credit Agreement dated as of April 9, 2025 (the “Amended Credit Facility Agreement”) to amend the Credit Agreement. The Amended Credit Facility Agreement provides for a Revolving Credit Facility of up to $800.0 million, which will mature on April 9, 2030. On April 9, 2025, in connection with our entry into the Amended Credit Facility Agreement, we repaid the remaining outstanding principal amount of borrowings outstanding under the Term Loan A-2 Facility funded by borrowings under the Revolving Credit Facility and $59.8 million of available cash.

The Amended Credit Facility Agreement provides that we may seek incremental term loans and/or additional revolving credit commitments in an amount equal to the greater of $275.0 million and 100% of consolidated EBITDA for the most recently ended four-quarter period for which we have reported financial results, plus additional amounts based on a consolidated senior secured leverage ratio. Any incremental term loans will be subject to prepayment with the net cash proceeds of non-permitted debt issuances