SPX successfully completes $1.8 billion senior credit facility

By Sara Rosenberg

New York, July 5 - SPX Corp. closed on a $1.8 billion five-year senior credit facility, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Bank of America Merrill Lynch and Deutsche Bank Securities Inc. acted as the joint lead arrangers on the deal that was completed on June 30.

The facility consists of an up to $300 million domestic revolver, an up to $300 million global revolver, an up to $1.1 billion participation foreign letter-of-credit facility and an up to $100 million bilateral foreign letter-of-credit facility.

Pricing can range from Libor plus 125 basis points to 200 bps, and the commitment fee can range from 25 bps to 40 bps, based on leverage.

There is a $1 billion accordion feature.

Covenants include an interest coverage ratio and a leverage ratio.

Proceeds were used to refinance an existing credit facility.

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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