SPX amends, getting $800 million in delayed-draw loan availability

By Sara Rosenberg

New York, Oct. 11 - SPX Corp. amended its senior credit facility, providing $800 in new term loans, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

The new debt is comprised of a $300 million delayed-draw term loan X that is due 18 months after funding and a $500 million delayed-draw term loan A due June 30, 2016.

Amortization on the term loan A is 0% for 2011 and 2012, 5% for 2013, 15% for 2014, 20% for 2015 and 5% at the end of the first fiscal quarter of 2016.

The loans can be drawn on or before Dec. 31.

Pricing can range from Libor plus 150 basis points to 225 bps based on leverage, and there is a 27.5 bps commitment fee.

Proceeds will be used to help fund the acquisition of Clyde Union Sarl and to repay existing debt.

The amendment was completed on Oct. 5.

Bank of America is the administrative agent on the deal.

SPX is a Charlotte, N.C.-based provider of flow technology products, test and measurement products, thermal equipment and services, and industrial products and services.

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