SPX to pay convertible put in cash

New York, April 11 - SPX Corp. said it will pay the upcoming put on its zero-coupon Liquid Yield Option Notes due May 9, 2021 in cash.

Under terms of the convertibles, the Charlotte, N.C. diversified manufacturer has the option of paying the put in cash, stock or a combination.

SPX said that if all the convertibles are tendered it will pay $253.8 million.

The LYONs are putable up to 5.00 p.m. ET on May 9 at 61.163.

The conversion ratio for the LYONs is 8.8588 shares per $1,000 principal amount at maturity but the LYONs are not currently convertible.

SPX issued $415 million of the LYONs at 57.912 for proceeds of $240 million in May 2001.

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