Company: NPO
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001164863-25-000017
Chunk: 21

Company: Enpro Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 8
Chunk 21
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 Agreement contains certain financial covenants and required financial ratios, including: 

•a maximum consolidated total net leverage ratio of not more than 4.0 to 1.0 (with total debt, for the purposes of such ratio, to be net of unrestricted cash of Enpro Inc. and its consolidated subsidiaries), which ratio may be increased (up to three times) at the borrowers’ option to not more than 4.5 to 1.0 for the four-quarter period following a significant acquisition; and

•a minimum consolidated interest coverage ratio of at least 2.5 to 1.0.

Affirmative and Negative Covenants. The Amended Credit Facility Agreement contains affirmative and negative covenants (subject, in each case, to customary exceptions and qualifications), including covenants that limit our ability to, among other things: 

•          grant liens on our assets; 

•              incur additional indebtedness (including guarantees and other contingent obligations); 

•              make certain investments (including loans and advances); 

•              merge or make other fundamental changes; 

•              sell or otherwise dispose of property or assets; 

•              pay dividends and other distributions and prepay certain indebtedness; 

•              make changes in the nature of our business; 

•              enter into transactions with our affiliates; 

•              enter into burdensome contracts; and

•              modify or terminate documents related to certain indebtedness. 

Events of Default. The Amended Credit Facility Agreement contains events of default including, but not limited to, nonpayment of principal or interest, violation of covenants, breaches of representations and warranties, cross-default to other debt, bankruptcy and other insolvency events, material judgments, certain ERISA events, actual or asserted invalidity of loan documentation, certain changes of control of Enpro Inc. and the invalidity of subordination provisions of subordinated indebtedness. 

Senior Notes. In October 2018, we completed the offering of $350.0 million aggregate principal amount of 5.75% Senior Notes due 2026 (the "Senior Notes"). 

The Senior Notes were issued to investors at 100% of the principal amount thereof. The Senior Notes are unsecured, unsubordinated obligations of Enpro and mature on October 15, 2026. Interest on the Senior Notes accrues at a rate of 5.75% per annum and is payable semi-annually in cash in arrears on April 15 and October 15 of each