SPX to pay LYONs put in cash

New York, Jan. 8 - SPX Corp. said it will pay the upcoming put on its Liquid Yield Option Notes due Feb. 6, 2021 in cash.

The convertibles are putable until 5 p.m. ET Feb. 6 at the issue price plus accrued original issue discount.

If all the outstanding LYONs are put back to the company SPX will pay a total of $625.3 million.

SPX had the option to pay the put in cash, stock or a combination.

SPX, a Charlotte, N.C., manufacturing company, said the LYONs are not currently convertible.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.