SPX plans to pay upcoming put for LYONs due 2021 in cash

By Jennifer Chiou

New York, Jan. 6 - SPX Corp. announced it intends to pay holders who put their Liquid Yield Option Notes due Feb. 6, 2021 in cash.

Noteholders may surrender their securities before 5 p.m. ET on Feb. 6.

SPX will pay a price equal to the issue price plus the accrued original issue discount.

Under the terms of the LYONs, SPX said it has the option to pay for the LYONs with cash, stock or a combination of the two.

If all outstanding LYONs are put back, the total cash purchase price will be $660.3 million, the company said.

JPMorgan Chase Bank is the trustee.

The LYONs, which are not currently convertible, are convertible under certain circumstances into 9.6232 shares of SPX stock per $1,000 principal amount at maturity of LYONs.

Based in Charlotte, N.C., SPX provides flow technology, test and measurement products, thermal equipment and industrial products and services.

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