SPX enters into amended, restated $2.08 billion senior credit facility

By Tali David

Minneapolis, Dec. 26 - SPX Corp. amended and restated its senior credit facility dated June 30, 2011 with a syndicate of lenders that provided for committed senior secured financing in the aggregate amount of $2,075,000,000, according to an 8-K filed with the Securities and Exchange Commission.

Bank of America, NA is the administrative agent and Deutsche Bank AG, Deutschlandgeschäft Branch is the foreign trade facility agent.

The amended facility, effective as of Dec. 23, consists of the following, each with a final maturity of Dec. 23, 2018:

• A $475 million term loan facility;

• A $100 million delayed draw term loan facility, which is available to be drawn for 180 days from the effective date;

• An up to $300 million domestic revolving credit facility, available for loans and letters of credit;

• A global revolving credit facility, available for loans in euros, sterling and other currencies, in an amount up to the equivalent of $200 million;

• A participation multi-currency foreign credit instrument facility, available for performance letters of credit and guarantees, in an amount up to the equivalent of $800 million; and

• A bilateral multi-currency foreign credit instrument facility, available for performance letters of credit and guarantees, in an amount up to the equivalent of $200 million.

SPX said it may also seek additional commitments, without consent from the existing lenders, to add an incremental term loan facility and/or increase the commitments in respect of the domestic revolving credit facility, the global revolving credit facility, the participation foreign credit instrument facility, and/or the bilateral foreign credit instrument facility by an amount not to exceed (a) $1 billion or (b) a greater amount that would not cause its consolidated senior secured leverage ratio to exceed 2.75:1.00.

Borrowings will bear interest at Libor plus 125 basis points to 200 bps, depending on the company's consolidated leverage ratio.

The commitment fees range from 22.5 bps to 35 bps, and the letter of credit fee ranges from 125 bps to 200 bps.

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

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