SPX anticipates amending credit facility, reducing balance, extending maturities

By Sara Rosenberg

New York, Dec. 6 - SPX Corp. expects to amend its senior secured credit facilities, reducing balances and extending maturities. The transaction is expected to close on or before Dec. 27.

Upon completion, the total outstanding balance will be reduced to $187 million and all maturity dates will be extended to March 2008 or later, a company news release said.

More specifically, changes in the agreement will include: refinancing the term loan A, extending the maturity to March 2008 from September 2004 and reducing the outstanding balance by up to $87 million; reducing the term loan B and term loan C by an aggregate of $100 million; and refinancing the revolver, extending the maturity to March 2008 from September 2004 and reducing the capacity to $500 million from $600 million.

The company announced on Friday that it will sell $250 million of senior unsecured 10-year notes to help with the refinancing of the term loan A and reduce the outstanding amounts under the term loan B and C.

SPX is a Charlotte, N.C. provider of technical products and systems, industrial products and services, flow technology and service solutions.

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