SPX extends tenders for 6¼% 2011 notes and 7½% 2013 notes

New York, March 17 - SPX Corp. said it has once more extended its cash tender offers to purchase any and all of its 6¼% senior notes due 2011 and 7½% senior notes due 2013 and the related consent solicitation, this time to 5 p.m. ET on March 23 from 5 p.m. ET on March 18.

The company said it was extending the offer because the closing of the sale of its Edwards Systems Technology business has not been completed.

The price determination date is unchanged - levels were fixed on March 16 - but the later conclusion means the pricing has been adjusted.

The company will now pay $1,072.25 per $1,000 principal amount for the 6¼% notes, including a $30.00 consent payment that will only be paid to holders who tendered by the consent deadline.

For the 7½% notes, it will pay $1,110.46 per $1,000 principal amount, also including a $30.00 consent payment that will only be paid to holders who tendered by the consent deadline.

SPX previously said on Feb. 18 that it had increased the pricing on offer in its cash tender offers to purchase any and all of its 6¼% senior notes due 2011 and 7½% senior notes due 2013.

The payment to noteholders will now be based on a 62.5 basis point spread over the reference security instead of a 75 basis point spread or 100 basis point spread.

SPX also extended the consent deadline to coincide with the offer expiration. By the old consent deadline, holders had delivered the necessary consents for the 6¼% notes.

SPX announced the tender offer on Feb. 4 and said it was also soliciting noteholder consents to proposed indenture amendments that would eliminate substantially all of the restrictive covenants and certain of the default provisions.

SPX, a Charlotte, N.C.-based global provider of technical products and systems, industrial products and services, flow technology, cooling technologies and services, and service solutions, said that the total consideration to be paid for each validly tendered 6¼% note will be based on a 75 basis point - now changed to 62.5 basis point - fixed spread over the yield to maturity of the reference security, the 5% U.S. Treasury note due Feb. 15, 2011, at the pricing deadline of 2 p.m. ET on March 3, subject to possible extension.

Total consideration to be paid for each validly tendered 7½% note will be based on a 100 basis point - now changed to 62.5 basis point - fixed spread over the yield of the 3% U.S. Treasury note due Nov. 15, 2007 as of the pricing deadline.

Total consideration for each note series will include a consent payment of $30.00 per $1,000 principal amount of the notes, payable to those holders who tender their notes by the consent deadline. Holders tendering their notes will be required to consent to the proposed amendments. Holders tendering their notes after the consent time will not receive the consent payment as part of their consideration.

The offer is subject to the satisfaction of certain conditions, including closing of the sale of SPX's Edwards Systems Technology business and receipt by the company of consents related to the required principal amount of notes.

J.P. Morgan Securities Inc. is the lead dealer manager for the offers and lead solicitation agent for the consent solicitations (call 866 834-4666 or call collect at 212 834-3424). Global Bondholder Services Corp. is the information agent (call 866 387-1500, or call collect at 212 430-3774).

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