SPX in discussions to reduce interest rates on term loans

By Carlise Newman

Chicago, July 30 - SPX Corp. said it is in discussions to amend its senior secured credit facility with the goal of reducing interest rates on one or more tranches of its term loans.

The amendment may also affect one or more covenants under the credit facility including the covenants on restricted payments, SPX added.

"The press release was just put out by the company, so it is too early for details. We haven't begun working on it yet," a syndicate source said.

J.P. Morgan Chase Bank is the lead bank on the loan.

The transaction is expected to close by Aug. 20.

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