SPX gets $2.3 billion credit facility

By Sara Rosenberg

New York, Sept. 21 - SPX Corp. closed on a new $2.3 billion five-year senior secured credit facility, according to a company news release.

Bank of America and Deutsche Bank acted as joint lead arrangers on the deal, Bank of America, Deutsche and JPMorgan acted as joint bookrunners, and Bank of America acted as administrative agent.

The facility consists of a $750 million term loan, a $200 million revolver available in euro, sterling and other currencies, a $400 million domestic revolver and a $950 million foreign credit instrument facility available in various currencies for performance letters of credit and guarantees.

The facility has a $400 million accordion feature.

Proceeds were used to refinance existing bank debt.

SPX is a Charlotte, N.C.-based provider of specialized engineered services to solve critical problems for customers.

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